Word is coming out that Fiat Chrysler Automobiles has named Mike Manley the Chief Executive Officer after Sergio Marchionne, the man who managed to salvage both Fiat and Chrysler from the brink of bankruptcy, developed serious complications following a shoulder operation that have not been explicitly detailed. Per an FCA statement:
“Fiat Chrysler Automobiles…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 consequence, Mr. Marchionne will be unable to return to work.
The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.
The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.
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. He will also assume responsibility for the NAFTA region.
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, a plan that will further assure FCA’s strong and independent future.”
The British-born Manley has been the leader of Jeep since 2009 and Ram since 2015 and has been with the company since 2000, and has been one of the biggest reasons for Jeep’s massive successes in recent years sales-wise. It’s that kind of leadership that will have investors on the edge of their seats, since many had been hoping that Marchionne had one last trick up his sleeve before handing off the reins. Manley currently inherits FCA shortly after a work plan that extends out to the mid-2020s was unveiled that incorporates new models, hybrid powertrains, and marching orders, so his goal will simply be to keep the momentum going for the time being. With Jeep turning four times the profit it had prior to his tenure, many see Manley as the ideal successor for Marchionne.
Separately, Ferrari has announced that Louis C. Camilleri will take over Marchionne’s place as CEO, while Suzanne Heywood will take over the chairman role of CNH Industrial.
