Fiat Chrysler Automobiles NV has appointed Jeep and Ram Mike Manley as Chief Executive Officer, replacing Sergio Marchionne, who has been forced to leave the post after 14 years for unpublished health reasons.
The violent exit of the executive power that has saved both Fiat and Chrysler and then creating a profitable transatlantic operation will also require new leaders at Ferrari NV and CNH Industrial NV, according to people who are familiar with this matter and who ask not to be appointed to discuss confidential matters. Both companies were dragged out of Fiat during Marchionne’s term.
Manley, the 54-year-old Brit, has been the Executive Director for the outstanding success of Jeep’s global expansion. Chrysler joined the UK in 2000, when the carmaker was part of Daimler. In 2009, he was appointed Jeep Manager at the time Fiat acquired the acquisition and led the transformation of the American brand icon into an ATM. Analysts estimate that the Jeep itself could be worth $ 30 billion in Fiat Chrysler’s market capitalization.
Sergio Marchionne health issues
Marchionne’s health condition, which the company has not spelled out in detail, has speeded up the timetable for a succession decision that has already been considered a crossroads for society. Whoever drove the company was only the first of a number of key decisions – as if he remained independent – facing Elkanne.
Marchionne, known for his jersey sweaters and continuous work habits, was one of the longest CEOs in the automotive industry. In 2004 he was named as Fiat’s fifth boss for a two-year term. In 2003, he managed to return a carmaker who in 2003 lost more than 6 billion euros ($ 7 billion) to use the cost reduction and layoffs in 2005 and then sought out a partner.
With the acquisition of Chrysler in 2014, Marchionne Fiatu has provided the global benchmark for survival. Nevertheless, as the seventh largest automaker in the world, a company may lack the size it needs to compete in the industry, which has again been clarified by the emergence of autonomous control and electrification.
When selecting Manley, Fiat passed two more internal candidates – Alfredo Altavilla, Marchionne’s close consultant and Fiat veteran, overseas operations worldwide, and now runs the European car business and CFO Richard Palmer, Wall Street, and helped merge the company’s operations after merging with Chrysler.