© Reuters. FILE PHOTO: CEO of Fiat Chrysler Cars (FCA) Mike Manley attends the North American Worldwide Auto Present in Detroit, Michigan, U.S., January 14, 2019. REUTERS/Rebecca Prepare dinner
(Reuters) -No. 1 U.S. auto retailer AutoNation Inc (NYSE:) on Tuesday named former Fiat Chrysler (FCA) prime boss Michael Manley as its new chief govt, changing long-serving CEO Mike Jackson.
British-born Manley took over as CEO of FCA in July 2018 after long-time chief Sergio Marchionne, a charismatic and iconic determine credited with saving Fiat, fell in poor health and died instantly after succumbing to issues from surgical procedure.
Manley, 57, led FCA till January 2021, when the corporate merged with PSA to type Stellantis, the world’s fourth-largest carmaker, a merger that he helped negotiate.
Manley, who additionally oversaw the profitable overhaul of FCA’s high-margin Jeep and RAM manufacturers, at the moment serves as Head of Americas for Stellantis, with North America being the group’s most worthwhile area.
Below Manley, Stellantis’ North America area posted a report 16.1% adjusted working revenue margin within the first half of this 12 months.
By 1440 GMT Milan-listed shares in Stellantis have been down 0.1%, underperforming a 1.3% rise in Italy’s blue-chip index. AutoNation shares have been flat.
“It has been my privilege to know Mike first as a competitor, then as a associate and colleague within the creation of Stellantis, however most significantly, all the time as a good friend,” stated Stellantis CEO Carlos Tavares, who previously lead PSA.
Stellantis stated that Manley will be part of the board of the Stellantis Basis, the carmaker’s charitable arm.
An funding banker, who has labored with FCA, stated Manley’s ambition was to change into a CEO once more.
“I believe he realized he needed to wait an excessive amount of time to return to the highest in Stellantis,” he stated.
Stellantis stated its chief working officers of North America and Latin America would now report on to the group’s CEO Tavares. (https://
Manley will take cost at Ft. Lauderdale, Florida-based AutoNation efficient Nov. 1.
The transfer solves a succession problem for AutoNation, which had income of $20.4 billion in 2020.
Jackson has been on the helm for over twenty years and two earlier makes an attempt to interchange him in recent times failed.
The transfer comes as U.S. auto retailers are reporting bumper earnings, helped by gross sales of latest and used vehicles at report costs.
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