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Fiat Chrysler shareholders approve buyback

by Bill Cawthon on

Fiat Chrysler shareholders approved a stock buyback program of up to 10% of the company’s common shares.

The vote came at the annual shareholders’ meeting Thursday in Amsterdam as all of the proposed management resolutions were passed.

FCA-Amsterdam-Web

The vote doesn’t require the company to actually buy back any shares at all. It permits an 18-month period during which FCA can buy however many shares it deems necessary, up to the 10% limit. It also restricts the purchase price to a maximum of 10% above the average closing price over the five business days before the purchase.

As of now, FCA doesn’t plan a buyback, but the company’s executives wanted to have an option to allow flexibility if conditions warrant.

In addition to approving the buyback option, Fiat Chrysler shareholders approved 2014 Annual Accounts. They also re-elected all the current directors. John Elkann and Sergio Marchionne were re-elected as executive directors of the Company. Returning non-executive directors include Ronald Thompson, Andrea Agnelli, Tiberto Brandolini d’Adda, Glenn Earle, Valerie Mars, Ruth Simmons, Patience Wheatcroft, Stephen Wolf and Ermenegildo Zegna.

Ernst & Young was appointed as FCA’s independent auditor.

In the final vote of the meeting, shareholders rubber-stamped FCA’s remuneration policy and resolutions concerning equity compensation for executive directors Elkann and Marchionne. Those resolutions included approving a future award of 1.62 million shares of FCA to Sergio Marchionne upon retirement (see “Sergio Marchionne’s big (really big) payday” on Allpar.com).

Fiat Chrysler Automobiles (FCAU) stock closed at $16.20 on Friday on the New York Stock Exchange. That’s an increase of 182% since the initial public offering last October.

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for just-auto.com, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.

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