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This is an earthquake for Fiat-Chrysler (FCA). To everyone's surprise, the Italian-American manufacturer announced this Saturday the departure of its emblematic boss, Sergio Marchionne. After fourteen years at the head of the group, the latter is forced to hand over for health reasons. Jeep and Ram's director, Mike Manley, was named to succeed him.
Sergio Marchionne, who had managed to save Fiat and Chrysler from bankruptcy when he took the reins of the Italian automaker in 2004, had recently suffered an operation of the shoulder. He was to leave his post in April.
"Unforeseen complications"
But "during this week unplanned complications appeared," said FCA in a statement, and this has deteriorated significantly in during the last hours. "
The CEO of FCA will not be able to resume his duties, says the car manufacturer. As of Saturday afternoon, the leaders of FCA and Ferrari, whose Sergio Marchionne was both president and CEO, have met to discuss the succession
Appointed FCA General Manager, Mike Manley will take charge to implement the strategy defined by Sergio Marchionne on June 1st. He will also be responsible for the North American division of the company
John Elkann at the head of Ferrari
Louis Camilleri has also been appointed General Manager of Ferrari and will be in charge of the direction of the operations of the company. constructor, while John Elkann – the grandson of Gianni Agnelli, is named president of the famous brand of luxury cars.
A meeting of the shareholders of Ferrari will be convened in the coming days to ratify these nominations.
Mike Manley, head of Jeep and Ram, ailing Sergio Marchionne as FCA CEO https://t.co/MD1ULLtgh9 pic.twitter.com/DJjqiS5nXZ
– Automotive News (@Automotive_News) July 21 2018
Jeep and Ram the jewels of the group
The choice of Mike Manley is not surprising in the eyes of specialists. This discreet 54-year-old Briton, born in Edenbridge, boarded the Jeep in 2009, in the midst of a storm in the US auto sector. Since 2015, he also runs Ram, which produces pick-ups and vans. Both brands are considered the jewels of the group. The proof: Morgan Stanley estimates that Jeep alone will represent nearly 70% of the profits of the group FCA in 2018
Under his direction, the American manufacturer pbaded of 337,000 vehicles sold in 2008 (to 80% in North America) , to nearly 1.4 million in 2017, and targets 1.9 million this year. The premium brands, Jeep in the lead, are – with the development of hybrid and electric vehicles – the priority of FCA's five-year strategic plan that Sergio Marchionne presented in early June.
Jean-Michel Gradt [19659017]
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