After recent complications from surgery, FCA’s Board of Directors elected to elevate Mike Manley to the CEO position.
On June 1st of this year, Fiat-Chrysler CEO Sergio Marchionne laid out a five-year business plan for the company. One of the keynote points of that presentation, however, was also Marchionne’s retirement after fifteen years heading Fiat S.p.A since 2004. Marchionne was due to hand over the reins next year. In light of recent medical issues, the Board resolved to name Mike Manley as Fiat Chrysler Automobiles’ new CEO.
Mike Manley takes over the position, with all the duties it brings along, effective immediately. Previously to his new position, Manley served as head of the Jeep brand from June 2009. He was also head of Ram from October 2015. Manley originally joined the company – then DaimlerChrysler – in 2000 as a director of Network Development for DaimlerChrysler UK. He then moved on to become the company’s Chief Operating Officer for the Asian region.
Marchionne will not return to Fiat-Chrysler
Sergio Marchionne had been out on medical leave for the past several weeks after shoulder surgery. In their statement, FCA spoke of the former CEO’s status: “With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.”
As a result of these recent complications, the Board of Directors at FCA also announced Marchionne will not return to the company. To date, the 66-year-old executive is one of the longest-serving CEOs in the industry, returning the company to profitability and overseeing the acquisition of Chrysler in 2014, after Chrysler’s emergence from bankruptcy. The Board also announced that, “Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year.”
Over the next five years, FCA plans to leverage the highly profitable Jeep and Ram brands to see the company into its next era, including rapid electrification across all its brands. Alfa Romeo and Maserati will also see significant changes in their lineups over the coming years.
Stay tuned to TFLcar.com for more updates!