Fiat Chrysler New CEO Shows The Company’s Future Plan

The Fiat Chrysler board of directors has ended Sergio Marchionne’s 14 years of leadership as the automaker’s CEO due to a sudden deterioration of his health. While information about his condition was not specified, the Italian-born Marchionne who had shoulder surgery three weeks ago will also exit his dual CEO role at Ferrari immediately and replaced by Mike Manley, according to the company’s statement.

Manley has been the head of Jeep, the most successful Fiat Chrysler Automobiles brand since 2009 and Fiat is relying on his input in its bid to hit double profit in the next five years. According to Bloomberg, the Jeep and Ram vehicles Manley oversaw contributed to 67% of the total U.S. volumes the company sold last year.

Marchionne made a remarkable success as Fiat Chrysler CEO; he created and oversaw a crucial post-bailout growth at the company. Marchionne had been set to retire in April 2019 but the timeline for a decision on succession was accelerated by his sudden illness. Marchionne’s departure from the company is marking the end of one of the most successful automobile CEO ever. Chrysler was slated to be ruled out of business following its bankruptcy oversaw by the U.S. government but Marchionne convinced them Fiat could resuscitate the automobile company through acquisition. Methionine focused on expanding two brands: Jeep and Ram, spending less on Chrysler and Dodge brands after the acquisition. The decision yielded a huge success, with Fiat doubling its U.S. sales since 2009. Thanks to his understanding of the U.S. automobile market.

Having taken over as the CEO, Manley will have a lot to work on. They include improving Jeep’s profile in China, electrifying Fiat’s lineups, and meeting up with Europe and China’s fuel-economy standard.

Fiat Chrysler new CEO joined the company in 2000 when it was still part of Daimler. He became head of Jeep after Fiat acquired the brand, where his contribution provided major transformation of the premium American brand. According to analysts, Jeep could worth $30 billion, the entire market value for Fiat Chrysler.

Jeep is the Future

The new CEO Manley already has a big task to complete in the next five years: growing Jeep sales by 100%. That’s a target of 2.8 million vehicles to be sold by 2022; the company sold 1.4 million vehicles last year. Manley will need to achieve a 40% increase this year; selling 2 million vehicles by the end 2018 to meet up with this target.

To assure the company’s “strong and independent” future, Manley will be implementing the business plan Fiat presented last month, Fiat Chrysler said on Saturday.

There’s no question about Manley’s capability. He has the same style of management with Marchionne. Colleagues describe him as a ferociously hard worker, a good listener and a figure true to his words.

“When he sits in a room, if you’re not a guy that works 80 hours a week, you’re going to have a tough time keeping up with him,’ said Manley’s former colleague David Kelleher. “He doesn’t know what a weekend is; he’s very much a protege of Mr. Marchionne.”

Fiat’s board, which passed over two other internal candidates to appoint Manley, also signaled that the company’s future plan depends on the Jeep brand.

Carrie Ann
Carrie Ann is Editor-in-Chief at Industry Leaders Magazine, based in Las Vegas. Carrie covers technology, trends, marketing, brands, productivity, and leadership. When she isn’t writing she prefers reading. She loves reading books and articles on business, economics, corporate law, luxury products, artificial intelligence, and latest technology. She’s keen on political discussions and shares an undying passion for gadgets. Follow Carrie Ann on Twitter, Facebook

Recent Posts

Strong iPhone 12 sales could boost Apple’s Q3 2021 earnings

Strong iPhone 12 sales could boost Apple’s Q3 2021 earnings

Will Apple manage to post solid earnings in Q3 2021? Here’s what Wall Street’s top analysts have to say ahead of Apple’s Q3 2021 earnings report today.
16 hours ago
Tesla earnings top $1 billion for the first time

Tesla earnings top $1 billion for the first time

Tesla earnings not only blew past analyst expectations but also marked the first time the automaker’s quarterly profit joined the three-comma club.
19 hours ago
Elon Musk tweet pushes Dogecoin prices up again

Elon Musk tweet pushes Dogecoin prices up again

Dogecoin was launched as a joke in 2013. The cryptocurrency is up a staggering 6,000% compared to last year’s prices due to wild speculations.
19 hours ago
Amazon to hire a crypto lead, may soon accept payments in cryptocurrency

Amazon to hire a crypto lead, may soon accept payments in cryptocurrency

The product lead will develop the full marketing strategy from customer experience to technical development to launching it.
2 days ago
Billionaire CEO Elon Musk Shares the Brutal Truth about Life as an Entrepreneur

Billionaire CEO Elon Musk Shares the Brutal Truth about Life as an Entrepreneur

“I would say I’ve had some pretty tough life experiences and Tesla’s probably responsible for two-thirds of all personal and professional pain combined, to give you a sense o
3 days ago
AT&T, Airbnb & UPS among firms to face Akamai’s global outage

AT&T, Airbnb & UPS among firms to face Akamai’s global outage

Global outage causes Akamai Technologies to re-think cyber securities.
5 days ago