Mike Manley has been appointed the new boss at FCA. The 66-year old Marchionne has been associated with the brand since 2004 and has headed the FCA Group since the merger of Fiat and Chrysler in 2011. Marchionne was expected to bid farewell sometime next year, however he had to step down a year before owing to his health issues. In his long career, Marchionne also served as the chairman and CEO of Ferrari.
A statement issued by the officials at FCA clarifies Marchionne’s state of health and complications following his shoulder surgery which led to his sudden exit. Marchionne’s contribution towards FCA is invaluable, he has played an important part in taking crucial decisions for the FCA Group, including shifting focus to premium brands such as Jeep and Alfa Romeo ahead of Chrysler and themselves. The FCA Group has seen surge in sales and growth in profit over the last few months. The group is on course to clear its debt this year.
While Manley’s name has been approved by the board much before and he has been given all the powers of CEO with immediate effect, the move will still need an approval by the shareholders over a meeting. Speaking on Manley, he has been a part of Daimler Chrysler since 2000 and stepped in as boss of Jeep in 2009. Aside from Jeep, he also heads Ram, the American pick-up truck brand. The Jeep brand has seen immense growth in America and European market under Manley’s leadership. The FCA Group recently revealed its five-year business strategy that focuses on brands such as Alfa Romeo, Jeep, Maserati and Ram.
In a separate statement, Ferrari paid tribute to Marchionne for his extraordinary contribution towards the brand. As agreed by Ferrari board, John Elkann will be the new chairman and will propose Louis C Camilleri’s name to the shareholders for the post of CEO.
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