Sergio Marchionne has become gravely ill due to complications from surgery (I haven't seen any further details on this). Apparently his illness is serious enough to cause him to step down as head of Fiat Chrysler. The head of Jeep, Mike Manley has become chief executive (I don't see anything about interim or temporary, so this must be a permanent gig). Everythign I've read about Mike Manley is positive, he's credited with really growing Jeeps brand and market-share.
From the NY times (the bolding is my own...):
The company’s profitability is perhaps the central issue that Mr. Manley will have to tackle. Profit amounted to about 6 percent of Fiat Chrysler’s revenue last year, well short of the 11 percent achieved by General Motors. In June, Mr. Marchionne and his executive team laid out a business plan that calls for spending 45 billion euros to develop more than two-dozen new vehicles, including electric models, all while slashing costs by €9 billion — a tough balancing act for an automaker. The goal is to more than double its profit margin by 2022.
Mr. Manley will have to rely heavily on the sport-utility vehicle line going forward. Consumers in the United States, China and elsewhere are increasingly opting for roomier models like S.U.V.s, and pricier Jeeps like the Grand Cherokee generate hefty profits. With its heritage dating back to the rugged military vehicles used in World War II, Jeep also has a global appeal that other Fiat Chrysler brands lack. Under the company’s five-year business plan, Jeep is scheduled to introduce a midsize pickup truck next year as well as 14 new hybrid or battery-powered models. In China, Jeep would offer four fully electric models.
Mr. Manley “has to grow Jeep in China,” said Tom LaSorda, a former Chrysler chief executive. “That’s the future.”
In the United States market, the new models can’t come soon enough, especially the seven-passenger Jeep Grand Wagoneer that’s scheduled to arrive in 2020. “We needed that vehicle yesterday,” said Mr. Lutz, the dealership owner. In the first six months of this year, Fiat Chrysler’s United States sales rose 5 percent, due exclusively to higher Jeep sales.
From the NY times (the bolding is my own...):
The company’s profitability is perhaps the central issue that Mr. Manley will have to tackle. Profit amounted to about 6 percent of Fiat Chrysler’s revenue last year, well short of the 11 percent achieved by General Motors. In June, Mr. Marchionne and his executive team laid out a business plan that calls for spending 45 billion euros to develop more than two-dozen new vehicles, including electric models, all while slashing costs by €9 billion — a tough balancing act for an automaker. The goal is to more than double its profit margin by 2022.
Mr. Manley will have to rely heavily on the sport-utility vehicle line going forward. Consumers in the United States, China and elsewhere are increasingly opting for roomier models like S.U.V.s, and pricier Jeeps like the Grand Cherokee generate hefty profits. With its heritage dating back to the rugged military vehicles used in World War II, Jeep also has a global appeal that other Fiat Chrysler brands lack. Under the company’s five-year business plan, Jeep is scheduled to introduce a midsize pickup truck next year as well as 14 new hybrid or battery-powered models. In China, Jeep would offer four fully electric models.
Mr. Manley “has to grow Jeep in China,” said Tom LaSorda, a former Chrysler chief executive. “That’s the future.”
In the United States market, the new models can’t come soon enough, especially the seven-passenger Jeep Grand Wagoneer that’s scheduled to arrive in 2020. “We needed that vehicle yesterday,” said Mr. Lutz, the dealership owner. In the first six months of this year, Fiat Chrysler’s United States sales rose 5 percent, due exclusively to higher Jeep sales.
