FCA shares dip 4 percent in trading after Marchionne exit

Published 07-23-2018

0 Ratings

MILAN (AP) - Shares in Fiat Chrysler Automobiles have dropped 4 percent in the first trading since news that the Italian-American automaker's longtime CEO, Sergio Marchionne, has been replaced unexpectedly due to complications from surgery.

FCA shares opened Monday at 15.70 euros in volatile Milan trading. The losses weighed on the Milan stock exchange overall, where the heft of FCA pulled down the benchmark FTSE MIB by nearly 1 percent.

The FCA board on Saturday named long-time Jeep executive Mike Manley as CEO, accelerating a transition that was planned for early next year. The company said the 66-year-old Marchionne suffered complications from shoulder surgery last month that meant he cannot resume his duties.

Boards also named replacements for Marchionne as Ferrari CEO and CNH Industrial chairman.

No comments found. Sign up or Login to rate and review content.

FILE - In this Friday, May 21, 2010 file photo, Chrylser CEO Sergio Marchionne, left, is seen with Jeep brand President and CEO Mike Manley at the Jefferson North Assembly Plant, in Detroit. Fiat Chrysler's board recommends Jeep executive Mike Manley to replace seriously ill CEO Sergio Marchionne, Saturday, July 21, 2018. (AP Photo/Carlos Osorio, File) - The Associated Press


FILE - In this file photo dated Tuesday, Jan. 16, 2018, Mike Manley, head of Jeep Brand, introduces the 2019 Jeep Cherokee during the North American International Auto Show, in Detroit, USA. Fiat Chrysler's board on Saturday July 20, 2018, has recommended Jeep executive Mike Manley to replace seriously ill CEO Sergio Marchionne. (AP Photo/Carlos Osorio, FILE) - The Associated Press