[ad_1]
He drops the steering wheel before the last turns. Sergio Marchionne is no longer the boss of Fiat-Chrysler, the Italian-American group he built with his own hands, a labor begun in 2004.
The handyman of the family Agnelli, absent since a few weeks for health problems, is confronted with unforeseen post-operative difficulties, which prevent him from "to resume his work", specifies a statement of the group published this Saturday at the end of the afternoon. According to the Italian media, the man who was also the boss of the Ferrari cars and the manufacturer of agricultural machinery and CNH construction site is still hospitalized.
A situation considered serious enough to upset the succession schedule envisaged in recent months. The relay pbadage was due to take place next spring. "The succession will be the subject of 2019. Talk about it now is distraction," said the emblematic leader of 65 years at the beginning of June, when presenting a new strategic plan of the manufacturer. [19659004] A non-Italian driver
It is Mike Manley, who was until then the head of the brands Jeep and RAM, the two financial lungs of the manufacturer, which takes the succession of the "handsome Sergio". The British manager was therefore preferred to Andy Palmer, current financial director of the group, or Alfredo Altavilla, the boss of the Europe zone. Aged 54, Mike Manley joined Daimler-Chrysler in the early 2000s, then took the helm of the 2009 Jeep in the midst of a crisis in the automotive industry.
For the first time, the destinies of the "Fabbrica Italiana Automobili Torino ", created in 1899 in the capital of Piedmont, will no longer be chaired by an Italian. This revolution must be ratified by an extraordinary general meeting of shareholders, which should be convened soon.
This situation was unimaginable until a few hours ago
"I am deeply saddened by the state of health of Sergio . This situation was unimaginable until a few hours ago, and it leaves us all with a taste for profound injustice, "writes John Elkann, the strongman of the Agnelli clan. "The succession plan announced today guarantees the maximum possible continuity," adds the one who becomes president of Ferrari. Louis Camilleri, until then CEO of the tobacco company Philip Morris and boyfriend of Naomi Campbell, being propelled general director of the brand with the prancing horse.
For the first time, Fiat will no longer be presided over by an Italian but by an Englishman, Mike Manley – Carlos Osorio / AP / SIPA A five-year plan [19659005] In fourteen years of reign, Sergio Marchionne has profoundly changed the face of the transalpine constructor.Forting his arrival in 2004, Fiat has relaunched to the point of being able to swallow the American Chrysler in two stages, in 2009 and 2014 The following year, Ferrari was listed on the Wall Street stock exchange as a luxury brand.Finally, Fiat-Chrysler is no longer in debt since the end of June, and the first dividend in four years has even been paid to shareholders this year.
Mike Manley will now have to implement the five-year plan of his predecessor, aiming to increase the operating margin from 6.3% to about 10%, with average annual growth in 7% business, always insisting on SU V, the premium market, Jeep and Ram. This is probably why the new strongman of Fiat-Chrysler, who generated 70% of the group's products in his former position, was chosen.
The pitfall of the technological race
Truthfully, this is probably the most "easy" part of what awaits Mike Manley. Because the Italian manufacturer suffers from a lack of chronic investment, reverse of the medal of its financial recovery. Fiat-Chrysler is indeed lagging behind the technological race that has been going on for some years in the sector. Whether it is platforms, engines, electrification or driving badistance … As it stands, we do not see very well how Fiat could meet the CO2 targets badigned to it by Brussels in 2020.
Charge to Jeep's genius, to find the near-miracle solution. This will undoubtedly go through partnerships, or even a sale or merger. The group has already partnered with Google in the motor vehicle, and has been the subject of rumors of mergers and acquisitions recurring for years. It must be said that Sergio Marchionne had done everything for. It will finally be necessary to find a future for Fiat, the great left behind the Marchionne years.
Julien Dupont-Calbo
Source link
