Canadian Manufacturing

Fiat Chrysler new CEO takes wheel with earnings presentation

Former head of Jeep, Mike Manley, takes the reigns at Fiat Chrysler following the sudden deterioration of long-time CEO's health

July 24, 2018  by The Associated Press

MILAN – Fiat Chrysler’s second-quarter earnings presentation was meant to celebrate long-time CEO Sergio Marchionne’s achievement of zero debt. That will be overshadowed by the accelerated debut of a new global boss, Mike Manley, after the sudden deterioration of Marchionne’s health.

Fiat Chrysler shares drop as CEO exit creates uncertainty

Credited with the turnaround of money-making Jeep, Manley faced his first test as CEO on Monday as shares in Fiat Chrysler became volatile and the head of the European operations – a potential successor to Marchionne – quit. In a vote of confidence, ratings agency Standard & Poor’s confirmed Fiat Chrysler’s BB+ credit grade.

Manley’s next test comes Wednesday when he presents the Italian-American automaker’s earnings. A forecast by FactSet put Fiat Chrysler second-quarter profits at 1.28 billion euros ($1.5 billion), up 11 per cent over the same period last year.