Mike Manley takes over as FCA boss

23 July, 2018, 14:42 | Author: Lora Ball
  • Fiat Chrysler chooses Jeep exec Manley to replace ailing CEO

Fiat Chrysler Automobiles (FCA) has announced that their CEO, Sergio Marchionne would be unable to continue work due to unexpected complications that arose after a recent surgery.

Mike Manley, a company veteran whose tenure dates to the DaimlerChrysler period and who has led Jeep since 2009 and Ram since 2015, has been named CEO of FCA.

"He taught us to think differently and to have the courage to change, often in unconventional ways, always acting with a sense of responsibility for the companies and their people", he said of Mr Marchionne.

Marchionne has overseen numerous changes that have returned Ferrari to success in recent years and was heavily involved in decisions on driver line-up and the team's overall direction.

This will occur at the next shareholder's meeting which will be "called in the coming days".

As thoughts go out to Marchionne and his family, John Elkann, Chairman of Exor, released a statement. He has also been replaced as chairman and CEO of Ferrari.

More news: Cavaliers: Rookie point guard Collin Sexton sizzled during Summer League run

Marchionne, 66, a native of Chieti, Italy, wont return to the Italian-American automaker or at race vehicle manufacturer Ferrari NV after he has been out for several weeks for a health matter, FCA says.

Camilleri is a Ferrari board member and the former boss of tobacco company Philip Morris, the main sponsor of the Ferrari Formula 1 team.

A clash with Luca di Montezemolo saw the company's long-serving chairman leave, unhappy at Marchionne's plans to expand production at Ferrari, a move Montezemolo saw as diluting the brand's exclusive value. He asked everyone to respect Marchionne's "privacy and that of all those who are dear to him".

According to the company, Manley was already in the process of transitioning to the position of CEO and the recent development merely required an acceleration of the handover and confirmation of Marchionne's successor.

The FCA Group recently unveiled its five-year business plan running until 2022, focusing on the Alfa Romeo, Maserati, Jeep and Ram brands.

In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO.

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