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Marchionne's medical leave - Mike Manley Becomes FCA CEO

Discussion in 'Mopar / FCA News' started by T_690, Jul 21, 2018.

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  1. 12soldier

    12soldier Well-Known Member

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    Not sure how much change we will see from him since things in development are already in motion. It'll probably take another 3 years before his vision starts to come to fruition over the entire lineup. But maybe and expedited engine development will happen. I'm sure whatever he does will be good for the company. And with him at the top, I would think we could put the rumors of Jeep being for sale to rest.
     
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  2. cygnus

    cygnus Well-Known Member

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    Manley was the best choice we could have hoped for.
     
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  3. EVOL

    EVOL Active Member

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    You'll see immediate action on several fronts IMO.
     
    #24 EVOL, Jul 21, 2018
    Last edited: Jul 21, 2018
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  4. Adventurer55

    Adventurer55 Well-Known Member

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    Very positive choice.
     
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  5. Dodgeguy1961

    Dodgeguy1961 Well-Known Member

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    This is what I'm seeing on AP News.
    Fiat Chrysler's board recommends Jeep executive Mike Manley to replace seriously ill CEO Sergio Marchionne.
     
  6. T_690

    T_690 Well-Known Member

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    FCA Announcement

    With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.

    As a consequence, Mr. Marchionne will be unable to return to work.

    The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.

    The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.

    In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.

    Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on 1 June this year, a plan that will further assure FCA’s strong and independent future.


    London, 21 July 2018

    https://www.fcagroup.com/en-US/medi.../FiatDocuments/2018/july/FCA_ANNOUNCEMENT.pdf
     
  7. T_690

    T_690 Well-Known Member

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    Statement by John Elkann

    I am profoundly saddened to learn of Sergio’s state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice.

    My first thoughts go to Sergio and his family.

    What struck me about Sergio from the very beginning, when we met to talk about the possibility of him coming to work for the Group, even more than his management skills and unusual intelligence, were his human qualities, his generosity and the way he understood people.

    Over the past 14 years together we have lived through successes and difficulties, internal and external crises, but also unique and unrepeatable moments, both personal and professional.

    For so many, Sergio has been an enlightened leader and a matchless point of reference.

    For me, he has been someone with whom to share thoughts and in whom to trust, a mentor and above all a true friend.

    He taught us to think differently and to have the courage to change, often in unconventional ways, always acting with a sense of responsibility for the companies and their people.

    He taught us that the only question that’s worth asking oneself at the end of every day is whether we have been able to change something for the better, whether we have been able to make a difference.

    And Sergio has always made a difference, wherever his work took him and in the lives of so very many people.

    Today, that difference can be seen in the culture that he introduced in all the companies he has led, a culture that has become an integral part of each and every one of them.

    The succession plans we have just announced, even if not without pain from a personal point of view, mean we can guarantee the maximum possible continuity, preserving our companies’ unique cultures.

    It has been my privilege to have had Sergio at my side for all these years.

    I would ask everyone for their understanding in these circumstances and to respect Sergio’s privacy and that of those who are dear to him.


    https://www.fcagroup.com/en-US/medi...uments/2018/july/STATEMENT_BY_JOHN_ELKANN.pdf
     
  8. Lampredi

    Lampredi Well-Known Member

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    So I'm assuming that Mike Manley is Marchionne's replacement, and not merely an interim CEO until a permanent replacement is found?
     
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  9. EVOL

    EVOL Active Member

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    Any REAL reports on Sergios condition?
     
  10. cygnus

    cygnus Well-Known Member

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    Correct.
     
  11. EVOL

    EVOL Active Member

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    Official statement from @fcagroup: "During the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours."
     
  12. LeeRyder

    LeeRyder Well-Known Member

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    Wow! This is stunning news! I am speechless to be very honest!
     
  13. EVOL

    EVOL Active Member

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    Statement from @Ferrari: "The Board’s thoughts are with Sergio Marchionne and his family ... The Board has named John Elkann as Chairman and will propose to Shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO."
     
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  14. redriderbob

    redriderbob Mopar Guru!
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    If I recall I predicted this two years ago on here. Mike will do an awesome job as the leader of FCA. Get well soon Sergio.
     
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  15. AlfaCuda

    AlfaCuda Well-Known Member

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    Very nice statement from John Elkann.

    It’s the end of an era. Took a special CEO to achieve what SM did. Now Manley is charged with consolidating FCA’s position and continuing its development.

    Having followed SM since 2004 I have been an admirer of what he achieved. Most people said it was impossible at that time. It’s very sad to see him go and I sincerely hope that he gets well enough to see the company continue for years more even from the outside.
    His life/workstyle wasn’t a healthy one but probably required to achieve what he did. A great man and it’s now time for him to take a break.
     
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  16. Erik Latranyi

    Erik Latranyi Allpar Legacy

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    This is an unfortunate obituary for Sergio. I did not like his management style nor his thinking, but all his work to increase the value of his shares means nothing now.

    This is all our fate.

    No matter how powerful we become, no matter how good or evil we live, no matter our wealth or poverty, we are all the same in the end.

    Nobody escapes this fate.

    I pray for Sergio's family and friends....they need comfort and strength at this time.
     
  17. Prabhjot

    Prabhjot Active Member

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    Marchionne is/will have been an absolute Renaissance Man grade hero. He saved Fiat group, Chrysler group, and has been the ceo and/or chairman of, besides fca: cnh industrial, ferrari, exor itself (a massive holding company/conglomerate extending from industrials to insurance to banking to The Economist etc), and a several other firms besides.

    The hardest possible workrate, and yet with ex-centric vision, and that too across industries and nationalities, while also being a full-fledged public intellectual, public figure both in n america, but especially in Italy: a rare truly great executive-cum-entrepreneur-cum-coach-cum-mentor-cum-financial/etc whiz-cum-brand builder-cum......Rennaissance Man grade indeed. A rare ceo/'corporate plutocrat' with even more substance than any fat checks and golden parachutes and stock options etc could've let on.

    Adam Jonas of Morgan Stanley on a recent fca con-call almost sang a 'song of praise' of this heroic, and utterly BONA FIDE executive, very rightly so imo.

    Sad. But he got Every big thing done imo superbly well, and on if not before time: at fca, at cnh industrial, at ferrari, at exor, with the brands, the processes, the 'people', succession, etcetera. When seen from the perspective of the utterly disastrous starting points at Fiat Group in 2004 and 2008-9 at Chrysler.....singularly amazing list of completely unimaginable-then achievements!
     
    #38 Prabhjot, Jul 21, 2018
    Last edited by a moderator: Jul 21, 2018
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  18. BASONE88

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    My deepest condolences to Sergio, John, and the rest of the group that find him a personal friend. I hope Sergio can recover to a degree which allows him to enjoy life - for many years to come! He has been a tremendous asset to the Agnellis, Mr Elkann, and all things Mopar(IMHO).

    Congratulations Mr Manley! What a tremendous opportunity! This was a great selection and illustrates what a good place FCA is in on a corporate level.

    Godspeed to all!
     
  19. NWbyNW

    NWbyNW Active Member

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    Prayers go out to Mr. Marchionne and all he did for the company. While we may not agree with it all, such as the product starving and taking Chrysler money to Fiat... we can thank him for theoretically saving the Chrysler brand and making Chrysler debt free (real soon).
     
    #40 NWbyNW, Jul 21, 2018
    Last edited by a moderator: Jul 21, 2018
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