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Jeep Exec Takes Over Fiat, Marking End Of Marchionne Era
AppleMagazine
|July 27, 2018
Jeep executive Mike Manley will be the new CEO of Fiat Chrysler Automobiles after longtime leader Sergio Marchionne’s health suddenly deteriorated following recent surgery.
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The announcement after an emergency board meeting last weekend marked the end of the Marchionne era, which included the turnaround of failing Fiat, the takeover of bankrupt U.S. automaker Chrysler and the spinoffs of the heavy machinery and truck maker CNH and supercar maker Ferrari. Fiat Chrysler said Marchionne, 66, is “unable to return to work” due to his health.
Manley, 54, has been one of Marchionne’s closest collaborators at Fiat Chrysler Automobiles, and in a previous role had been responsible for product planning and all sales activities outside of North America. He had been heading the Jeep brand since June 2009 and the Ram brand from October 2015.
Brands that have been driving the company’s revenues include Jeep SUVs, Ram trucks and the premium brands, Maserati and Alfa Romeo. Those brands were expected to account for 80 percent of revenues by 2022, compared to 65 percent currently.
It is the Jeep brand that has been the big contributor to the company’s profits.
This story is from the July 27, 2018 edition of AppleMagazine.
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