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article imageFiat turn to Jeep's Manley to replace ailing Marchionne

By AFP     Jul 21, 2018 in Business

The boards of Fiat Chrysler (FCA), Ferrari and CNH Industrial on Saturday chose Jeep's Mike Manley to replace ailing emblematic boss Sergio Marchionne, Italian media reported.

Briton Manley, 54, had headed Jeep since 2009 and also pick-up and vans producer Ram since 2015.

FCA, contacted by AFP, did not immediately confirm the appointment of Manley to fill the shoes of Marchionne, 66, who took over Italian carmaker Fiat in 2004 and who had already planned to step down next year.

Marchionne suffered serious complications after surgery on his right shoulder last month.

Over his 14 years he has vastly reshaped the group, first by righting the ship at Fiat, then guiding its 2014 merger with US carmaker Chrysler and spinning off luxury brand Ferrari in 2016.

He has worn many hats over this time, including leading the combined Fiat Chrysler Automobile group as well as agricultural machinery producer CNH.

Under Manley's stewardship Jeep has thrived. From selling 337,000 units in 2008 -- 80 percent in North America -- last year the figure soared past 1.4 million. According to Morgan Stanley, Jeep will this year account for some 70 percent of overall group profits.

The premium marque stands at the apex of a five-year FCA plan which Marchionne unveiled in June to increasingly focus develop on hybrid and electric vehicles.

Italian media has reported that Louis Camilleri, currently a member of Ferrari's board, is expected to become CEO of the luxury carmaker.

John Elkann, FCA chairman and controlling shareholder of Ferrari and the grandson of legendary Fiat founder Gianni Agnelli, was predicted to become Ferrari's chairman and chaired Saturday's meeting of the board of directors which culminated in Manley's appointment, an informed source told Automotive News Europe.

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