Economic review

Fiat Chrysler names Mike Manley as ailing Sergio Marchionne's successor

2018-07-22 02:22:59 (Beijing Time)


By Stefania Fumo

ROME, July 21 (Xinhua) -- Fiat Chrysler Automobiles (FCA) appointed high-ranking in-house executive Mike Manley to replace ailing Sergio Marchionne as its chief executive officer (CEO), its board of directors announced Saturday.

Marchionne, 66, has not been seen in public since last month, when he underwent surgery on his shoulder.

"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 carmaker said in a statement.

In a separate statement, FCA Chairman John Elkann said: "I am profoundly saddened to learn of Sergio's state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice."

A dual Italian and Canadian citizen, Marchionne became CEO of Fiat in 2004 and orchestrated the successful merger between the historic Italian brand and American carmaker Chrysler in 2014. He also served as chairman of CNH Industrial and Chairman and CEO of Ferrari.

British-born Manley joined the company in 2000 and heads its Ram and Jeep brand divisions. He also sits on the FCA U.S. board and on FCA's governing body, its Group Executive Council (GEC).

Manley oversaw the expansion of Jeep into China as chief operating officer (COO) of FCA's Asia-Pacifica region. He formed close relationships with Guangzhou Automobile Group Co. executives to significantly grow a joint venture with the Chinese automaker, Automotive News reported.

On Saturday, he was also named COO of FCA's NAFTA region, which includes Canada, Mexico and the United States. He will implement the company's 2018-2022 business plan presented on June 1 this year, the board said.

Last year FCA shipped 2.4 million vehicles in the NAFTA region, sold almost one million cars and other vehicles in Europe, with its various divisions posting year-on-year sales increases of 3.5 percent and upwards. It employs 90,000 people worldwide, according to its corporate website.

Fiat, which is the acronym for Fabbrica Italiana Automobili Torino, was founded in Turin in 1899 by the Agnelli family, of which Elkann is an heir.