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Automaker Stellantis loses former FC ACEO Manly | WGN Radio 720

Milan (AP) — PSA Peugeot’s acquisition of Fiat Chrysler to form the world’s fourth-largest automaker at the expense of its first executive, with former Fiat Chrysler CEO Michael Manley heading the Americas I resigned.

Stellantis announced on Tuesday that 57-year-old Manly will be CEO of AutoNation, the largest dealer network in the United States, starting November 1. Manly does not change. North American Chief Operating Officer Mark Stewart and Lat America COO Antonio Filosa report directly to Stellantis CEO Carlos Tavares.

Manly was appointed CEO of Fiat Chrysler in July 2018. This is consistent with the illness and sudden death of longtime CEO Sergio Marchionne. When Stellantis was founded, Peugeot’s CEO Tavares became CEO of the integrated automaker.

Manly was credited at Turnaround, a Jeep subsidiary that was the mainstay of FCA’s interests and long-time head of Fiat Chrysler’s Asian operations. Manly is highly regarded in the analyst community and commends his strong qualification to run a global automaker in terms of both technical and strategic transitions.

Last year, Manley acquired a group of dealers with sales of $ 20 billion and net income of over $ 382 million. He replaces Mike Jackson, an industry icon who has been involved in AutoNation for 22 years. Jackson retired in 2018, but was called out of retirement when his successor left the company.

Based in Florida, AutoNation is the largest automobile and truck dealer chain in the United States, with more than 300 offices nationwide. According to the company, it has sold more than 13 million vehicles.

Sam Buelsamid, Principal Analyst at Guidehouse Research, said Manley was likely starting to look for another CEO job after being appointed CEO of Stellantis by Tavares.

Currently, there are no CEO jobs available at major automakers, so Manly has taken on the job of running the country’s largest retailer, he said.

Doing a top job at AutoNation makes sense for Manly, who had to deal with the end of retailing for dealers and the car business when he ran the Fiat Chrysler Jeep brand for years. ..

Abuelsamid said the ground has changed dramatically under dealers as sales move online, automakers want more sales through orders, and the world is moving from internal combustion engines to electric vehicles. He said the job was difficult for Manly.

In addition, emerging electric vehicle manufacturers are opening their own stores and selling directly to customers, and because there are few moving parts, electric vehicles may have reduced revenue from repairs and maintenance, he said. Said.

“It won’t be an easy task in the next 5 to 10 years,” said Abuelsamid. “As we work on electrification, the role of dealers will change and change dramatically,” he said.

Manly maintains a relationship with Stellantis as a board member of the Stellantis Foundation. After spending 20 years in Chrysler first, then Fiat Chrysler, and finally Stellantis, a person from Britain said, “It’s a good time to open a new chapter.”

In a prepared statement, Tavares said he was sorry to see Manly go.

“It’s my privilege to always know Mike as a competitor, then as a partner and colleague in the creation of Stellantis, but most importantly, as a friend,” said the CEO of Stellantis. “Since the very beginning of our discussion, we have shared a truly common vision, beliefs and commitments. Stellantis has had impressive early results built over the last few years. It is on these solid foundations. “

AutoNation’s share price rose 2.6% in news of trading early Tuesday. Stellantis’ share has risen by less than 1%.

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Chrischer reported from Detroit.

Automaker Stellantis loses former FC ACEO Manly | WGN Radio 720

Source link Automaker Stellantis loses former FC ACEO Manly | WGN Radio 720

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