Fiat Chrysler CEO Marchionne to Step Down in 2018
The current CEO of Fiat Chrysler has announced his intention to step down as the head of the company in 2018.
Sergio Marchionne will stick around to the end of 2018 to see his five-year plan, which was announced earlier this year, completed.”I am not going to do any more turnarounds. I’m done; let some of the young punks do it,” said Marchionne. “There are a number of things that the next CEO will do which are totally different from what I do,” he said.
Marchionne oversaw the takeover of Chrysler by Fiat and tripled Fiat’s revenue since taking control of the company in 2004. With the merger now complete, his final plan involves taking net income for the newly formed company up to 5 billion euros ($6.3 billion) in 2018.
SEE ALSO: What You Need to Know About Fiat Chrysler’s Five-Year Plan
The five-year plan laid out by Marchionne focuses heavily on increasing Jeep’s portfolio of vehicles and bringing Alfa Romeo back to North America.
According to Fiat Chairman John Elkann, there is already a short list for successors to Marchionne that includes CNH Industrial CEO Richard Tobin; Alfredo Altavilla, Fiat’s European chief; Mike Manley, head of the Jeep brand; and Cledorvino Belini, head of Fiat in Brazil.
[Source: Automotive News]
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