Fiat Chrysler CEO Wants to Resign in 2018
Marchionne Will Call it Quits After FCA’s Turnaround
Sergio Marchionne, CEO of Fiat Chrysler Automobiles (FCA), says that he plans to resign from his role at the end of the five-year plan designed to expand both Fiat S.p.A. and Chrysler Group. In an interview that appeared in Bloomberg, Marchionne said that in 2018, he would do something else once the turnaround of FCA was complete.
Marchionne said that the next CEO’s responsibilities would likely be drastically different from his, since his focus as CEO has largely been one of rebuilding. Since his appointment as CEO of Fiat S.p.A., the company was brought from consistent yearly losses to being the largest automaker in Italy. Additionally, he orchestrated Fiat’s acquisition of Chrysler LLC, which in 2009 filed for bankruptcy. Since then, that company has repaid its federal loans, and it could be argued that the current Chrysler Group lineup is its most competitive ever.
However, Marchionne’s tenure hasn’t been without controversy. His clashes with Ferrari President Luca di Montezemolo are well documented, usually over the Ferrari brand’s legacy and future. Additionally, his criticism of the interest rates levied in Chrysler Group’s federal loans caused some fallout.
Most recently, Marchionne set off a wave of speculation when he said that the next Jeep Wrangler might not be built in Toledo, Ohio, which was the original production location of the Willys MB and Jeep CJ. The Wrangler has been built in Toledo since 1993
FCA has not commented on who might replace Marchionne at the end of his tenure.