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NEWS
Marchionne to stick around for strategic plan
Fiat Chrysler boss to step down in due course, but not before 2018Fiat's chief executive officer, Sergio Marchionne, has been the source of endless speculation in recent times, specifically concerning his plans for retirement.
At 62 he's not the wunderkind he once was perhaps, and the end of his reign at the top of the Fiat Chrysler organisation has been causing concern in some quarters, with pundits concerned about a succession plan.
As a consequence, Automotive News Europe reports, Marchionne has now gone on record as saying he will stay the course until Fiat Chrysler's five-year strategic plan concludes in 2018. The succession plan remains unclear, however, and Marchionne is saying nothing to clarify the position on that point.
"There are a number of things that the next CEO will do which are totally different from what I do," he reportedly said in an interview with Bloomberg Businessweek at the Balocco test track in northern Italy. "The role as presently configured will have to be reconfigured."
According to Automotive News, prospective successors include CNH Industrial CEO Richard Tobin; Alfredo Altavilla, Fiat's European chief; Mike Manley, head of Jeep; and Cledorvino Belini, head of Fiat in Brazil.
Marchionne, based in Switzerland but spreading himself between Turin and Detroit, anticipates indulging his passion in theoretical physics after he retires. He claims that there's no time to 'think' in his current role, but his legacy suggests thinking – and acting on his thoughts – have paid dividends for his current employer. Fiat's revenue and profit have trebled since Marchionne took the reins in 2004. By 2018 he plans for Fiat Chrysler Automobiles NV to see net income reach €5 billion, as outlined back in May.
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Written byCarsales Staff
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