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FCA’s New CEO Faces Test as Top Aid Quits
Alfredo Altavilla, chief operating officer for Fiat Chrysler Automobiles NV in Europe, has quit after being passed over for the CEO job.
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Alfredo Altavilla, chief operating officer for Fiat Chrysler Automobiles NV in Europe, has quit after being passed over for the CEO job.
Mike Manley, head of the company’s Jeep unit, was named to the top job on Saturday after CEO Sergio Marchionne’s health suddenly deteriorated last week in the aftermath of shoulder surgery. Italian media say Marchionne is gravely ill in a Swiss hospital.
The hard-charging Marchionne led FCA to a 10-fold increase in shareholder value during his 14-year tenure. Altavilla, Manley and Chief Financial Officer Richard Palmer were considered the top three candidates to succeed him upon his scheduled retirement next April.
The departure of Altavilla, who joined FCA in 1990 and was a close confidante of Marchionne’s, comes only three days ahead of a scheduled investor presentation on July 25. The event will be Manley’s debut as the company’s new leader and mark the first test of his ability to retain the remainder of the company’s management team.
Manley was to meet with FCA’s group executive council meeting today.
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