Canadian Manufacturing

Fiat Chrysler new CEO takes wheel with earnings presentation

by The Associated Press   

Canadian Manufacturing
Manufacturing Operations Automotive

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

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.




Stories continue below