Jeep Takes Over Fiat Chrysler

By Douglas A. McIntyre Updated Jul 23, 9:19AM EDT · Published Jul 22, 5:45AM EDT

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As it became clear that the great but ailing CEO Sergio Marchionne would not return to the Italy based company he saved and built–Fiat Chrysler Automobiles NV (NYSE: FCAU)–the board named the head of its iconic American Jeep brand as the new CEO of the sprawling manufacturer. Fiat had made its multi-decade mark mostly with small cars it sold in Europe. Jeep, om the other hand, was the sturdy military four-wheel drive vehicle which was a critical mode of transportation for the U.S. Army in WWI–an army that, among other things, drove the Italians to surrender.

Mike Manley has run Jeep during the rise of the SUV and made it one of the most widely sold brands in its category. Manley is British, another sign of the multinational flavor of the parent company. The awkwardly worded announcement

The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years. The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.

In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region. Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on 1 June this year, a plan that will further assure FCA’s strong and independent future

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.