Fiat Chrysler: New CEO takes over
The FCA group has appointed Michael Manley, former CEO of Jeep, as its new CEO.
The new appointment was made necessary by the stepping down of the former CEO and Chairman of the FCA group, Sergio Marchionne. The superstar CEO of the group was forced to abandon his role due to ill health - it has been reported that his health condition seriously deteriorated after a shoulder surgery that he underwent a few days ago. Marchionne is currently hospitalised in Switzerland.
Marchionne is credited with bringing the Fiat brand back to life by resurrecting Fiat classics, such as the 500. Last June, the FCA group set forth an ambitious plan of expansion, that includes doubling margins and adding electric and autonomous vehicles to its range. According to the Financial Times, FCA is aiming for adjusted profits of up to €16bn by 2022 (last year's profits amounted to $6.6bn).
The new CEO, Michael Manley, is no stranger to success either. After a long career in the DaimlerChrysler (and then, Fiat Chrysler), he became head of the Jeep division of the group, increasing the Jeep sales by approximately 300%. He also presided over the spinoff of the RAM brand from Dodge.
In a letter circulated to staffers, obtained and published by CNBC, the President of the FCA group said: