What's new
Mopar Insiders Forum

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Manley named CEO....

FCA Announces New Appointments

Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MTA: FCA) announced today that Alfredo Altavilla will be leaving the Group to pursue other professional interests.

The Group thanks Alfredo for his contributions and wishes him all the best for the future.

FCA announces the following leadership changes, effective immediately. The Group Chief Executive Officer, Mike Manley, is also appointed ad interim Chief Operating Officer of EMEA Region. Alfredo will be working with Mike through the end of August to ensure a smooth transition.

Global Business Development will now be realigned to report to Richard Palmer, the Group Chief Financial Officer and Chief Operating Officer Systems and Castings.


London, 23 July 2018


https://www.fcagroup.com/en-US/medi.../2018/july/FCA_Announces_New_Appointments.pdf
 
I do hope that Sergio is able to recover after this.

Congrats to Manley, but this seems to be a rather tumultuous start to his new role.
 
Seen this coming...

FCA's European boss quits after losing out as Marchionne's replacement
New CEO Manley inherits the FCA game plan outlined last month

RTX4CH6X.jpeg


MILAN — Fiat Chrysler's European boss has quit, adding to the problems facing new CEO Mike Manley, who must deliver on promises to boost production of SUVs and catch up with rivals in electric cars.

Jeep division head Manley was named on Saturday to succeed Chief Executive Sergio Marchionne, one of the auto industry's most tenacious and respected leaders, who fell seriously ill after suffering complications following surgery.

It emerged on Monday that Alfredo Altavilla, head of Fiat Chrysler's business in the Europe, Middle East Africa had resigned, according to a source with knowledge of the matter. He had been a rival for the top job along with Manley and Chief Financial Officer Richard Palmer.

It's another complication to new CEO Manley's task of executing his predecessor's plan to keep the world's seventh-largest carmaker competitive in the absence of a merger.

Marchionne had been due to step down next April, so the market reaction was limited on Monday. The shares initially fell more than 5 percent, but then pared some losses and were down 2.4 percent by 0930 GMT.

"The downside may be modest, at least in the next 12 months. But long-term concerns will build — Marchionne ran FCA in a command and control style, with constant firefighting measures," said Bernstein analyst Max Warburton.

Fiat Chrysler Automobiles (FCA) said British-born Manley would pursue the strategy that Marchionne outlined last month.

FCA has pledged to increase production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It also unveiled bold targets for Jeep, which has become FCA's ticket to creating a high-margin brand with global appeal.



Reviving struggling brands
Analysts said that choosing Manley, 54, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan.

"Manley knows that his primary focus is on execution and that, already, he has a strategy into which his team has bought," said George Galliers, an analyst at Evercore ISI.

"There is no reason the 2022 plan cannot be executed."

Under Manley, the company is expected to sharpen its focus on revamping individual brands, including ailing Fiat in Europe, Chrysler in the United States and Alfa Romeo, which has yet to turn a profit despite multibillion-euro investments.

Marchionne, widely credited with rescuing both Fiat and Chrysler from the brink of bankruptcy, had focused on fixing FCA's finances first, notably erasing all debt.

He was a gift to investors, including Italy's Agnelli family, through 14 years of canny dealmaking, growing Fiat's value 11 times, helped by spinoffs of tractor maker CNH Industrial NV and Ferrari NV. The Agnellis still have a controlling interest in all three companies.

But his track record at fixing some of FCA's brands was mixed, with investments and product launches repeatedly delayed.

Profitability in Europe is only gradually recovering, FCA has yet to make significant inroads in China, and the company relies on North America for three-fourths of profits just as that market is expected to come off its peaks.



Questions for Ferrari
Marchionne had advocated industry mergers to share the cost of building electric, hybrid and self-driving cars, but gave up the quest when his preferred target, General Motors Co, rejected his advances.

FCA said on Saturday that Manley would execute the new strategy to ensure a "strong and independent" future.

Without a partner in sight, Manley needs to show FCA can keep churning out profits on its own, even as emissions rules tighten, SUV competition intensifies and worries over potential U.S. emissions fines abound.

"Sergio's deal-making and political skills will be missed as FCA faces trade/tariff uncertainty ... and a constantly shifting landscape in Latin America," Barclays said in a note.

While FCA had a succession plan, the future appears less clear at Ferrari, the luxury brand that Marchionne was due to lead until 2021.

Ferrari announced some midterm targets this year — pledging to double core earnings and churn out hybrids and an SUV — but a detailed strategy was due in September.

New CEO Louis Camilleri "inherits an absurd valuation, a product plan that's far from settled internally and 2021 financial targets that Sergio scribbled on a napkin and that may be difficult to deliver," Bernstein's Warburton added.

Ferrari shares were down 3.6 percent.

Marchionne made some bold choices in recent years, notably raising production beyond a self-imposed cap, but was always careful to not dilute the brand's exclusivity.

Analysts questioned whether Camilleri would be able to do the same and grow Ferrari beyond what it is today while keeping dealers, racing fans, owners and collectors on board.

"(Ferrari) will always be like a fine race car. Marchionne increasingly had it tuned to perfection," Galliers said. "It has to be seen if it can remain so without him."

Reporting by Agnieszka Flak



https://www.autoblog.com/2018/07/23/fiat-chrysler-ferrari-new-ceos-marchionne-what-next/
 
"Analysts said that choosing Manley, 54, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan. "


That's all I need or care to know. Chrysler can be killed off.. Dodge can stay. Alfa's got too much money in to fail....

Heck...... Chrysler killed Desoto so now it's their turn.
 
July 23 (UPI) -- Sergio Marchionne, the longtime former chief executive at Fiat Chrysler Automobiles, is in grave condition just days after he was replaced, medical officials said.

Marchionne, 66, has been in a coma at a Swiss hospital since Friday, when he experienced complications from should surgery last month.

His condition may be "irreversible," according to Italian newspaper La Stampa.

FCA Company Chairman John Elkann wrote a letter to employees after the appointment of Mike Manley as Marchionne's replacement.

"It is with profound sadness that I must tell you that the conditions of our CEO, Sergio Marchionne, who recently underwent surgery, have unfortunately worsened in the last hours and will not allow him to return to FCA," Elkann wrote in the letter, La Repubblica reported. "Sergio was the best CEO you could wish for and, for me, a real mentor, a colleague and a close friend. We met in one of the darkest moments in the history of Fiat and it was thanks to his intellect, his perseverance and his leadership if we managed to save the company."

Marchionne, who'd been Chrysler CEO since 2009, hadn't originally planned to leave the company until early next year. Manley was appointed to replace him Saturday.

Prior to the complications, Marchionne had expected to leave the hospital within a few days of his surgery and had confirmed his agenda for early July. He had also recently announced a strategy to boost company profits and global sales volume through 2022.

"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," a company statement said.

Marchionne visited the White House with other auto executives in January 2017 after President Donald Trump took office.

https://www.upi.com/Former-Fiat-Chrysler-CEO-Marchionne-in-grave-condition/7261532345353/
 
"Analysts said that choosing Manley, 54, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan. "


That's all I need or care to know. Chrysler can be killed off.. Dodge can stay. Alfa's got too much money in to fail....

Heck...... Chrysler killed Desoto so now it's their turn.

Chrysler stays... brand gets 5 new vehicles by 2022. 2 MPVs and 3 CUVs
 
Two things:
Wall Street preferred Palmer
The second item is the real reset in FCA's management won't likely come until the Magneti Marelli spin-off is complete (January 2019).
 
The one executive position that kind no longer make any sense, and could use a shakeup is Chief Marketing Officer, Olivier Francois.

With organization having structure brand collections like Jeep-Ram,Chrysler-Dodge,Alfa-Maserati having an overall corporate/regional marketing overhead outside of Manley himself doesn't make tons of logic.

They all have separate identities, and need different brand handling.
 
Should be 6 in total. I am counting the PHEV version too so I should have counted Pacifica PHEV as well.

MPV:
Portal
Pacifica

CUV:
Pacifica-based
Cherokee-based
Pacifica-based PHEV


BEV or PHEV? Is it a battery only vehicle?
 
The one executive position that kind no longer make any sense, and could use a shakeup is Chief Marketing Officer, Olivier Francois.

With organization having structure brand collections like Jeep-Ram,Chrysler-Dodge,Alfa-Maserati having an overall corporate/regional marketing overhead outside of Manley himself doesn't make tons of logic.

They all have separate identities, and need different brand handling.

I will say it as I did on the other forum. I want Luca de Meo back.
 
Manley first interaction with Wall Street as CEO is this Wednesday morning with Q2 2018 Earnings,do somebody what to bet who/will ask about "Merging"?

He may get asked about merging, but he will give some standard answer, “FCA is going it alone, or we are no longer interested in merger, or whatever”.

The truth is that as FCA introduces new models, expands its lineup, brings revamped factories back online, with trained, skilled motivated workers, and most importantly, reaches Zero Day (0net debt), and starts putting money in the bank again, FCA will then become a very, very ripe peach. At that point, folks will come looking for them, and they will be able to choose their partner.

As time goes on, Geely looks better and better. They also own Lotus, Proton, and Volvo, among other companies.
 
I love how the biased media is already slamming Manley and saying FCA might be for sale... don't believe everything you see folks.
 
I love how the biased media is already slamming Manley and saying FCA might be for sale... don't believe everything you see folks.
SMH.....everything was always for sale if the price is right....how is now any different?!?! Manley just needs time for launches to continue and this will all be behind him in 18-24 months.
 
Back
Top