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Maserati's new North American CEO is Chrysler's dealer guru

There's been a bit of a shakeup among the executive ranks at Chrysler and Maserati, as the Italian sports car manufacturer has appointed Peter Grady as its new North American CEO. Grady, who we imagine is about to get a very nice upgrade to his company car, will retain his role as vice president of dealer network development for Chrysler and Chrysler Capital, and is replacing Bob Graczyk at Maserati.
"It is with pleasure and anticipation that I welcome Peter to Maserati. He brings to our company nearly 30 years of leadership and experience. His background and industry expertise will be a great basis for the continued expansion of Maserati in North America," said Maserati CEO Harald Wester in a statement.
Also joining the team at Maserati is Saad Chehab, who previously worked for the Chrysler and Lancia brands and will be the new head of marketing for the Italian brand. He'll be replaced by Al Gardner, the former boss of Chrysler's southeast business center, as the head of Chrysler brand, according to Automotive News.

FCA scion John Elkann tries to pull off a Marchionne-sized merger

MILAN, Italy — When John Elkann lost his ally last year with the sudden death of Sergio Marchionne, some questioned whether the softly-spoken scion of the Agnelli clan would be able to emerge from his shadow to ensure Fiat Chrysler's future. But New York-born Elkann, who became Fiat chairman in 2010, acted decisively to fill the vacuum left by the larger-than-life Marchionne and get closer to the big merger deal the legendary executive was unable to deliver. At just 28, Elkann was thrust into the role of Fiat vice chairman after the deaths of his grandfather and great-uncle "because there was really nobody else" to take the wheel. For Elkann, who got his first taste of the car industry as an intern at a factory producing headlights in Birmingham, England, the first 18 months with responsibility for the family-owned carmaker and its long heritage were "terrible." But from that low point, Elkann, 43, is now trying to merge Fiat Chrysler (FCA) with French rival Renault to form the world's third largest carmaker and tackle new challenges facing the industry. Elkann will become chairman of the merged FCA-Renault if the deal goes ahead, ensuring the Agnelli dynasty plays a central role in the next chapter of automotive history. At an event in Milan on Monday, the usually-shy Elkann looked happy and confident. His first big break came with an instrumental role in persuading Marchionne, who was running one of the businesses owned by the Agnelli family, to become chief executive in 2004 and give Fiat "a new start," Elkann said in a "Masters of Scale" podcast last year. Fiat was at the time almost on the brink of collapse. This involved a "very long night ... and many grappas" but proved to be a turning point in the fortunes of the Italian company founded by Elkann's great-great-grandfather Giovanni Agnelli, which built its first car in 1899. In 2005, Elkann backed Marchionne in negotiating the breakup of an alliance Fiat had entered into with General Motors in 2000, receiving $2 billion from GM in return for canceling a deal that could have required GM to buy the remainder of Fiat Auto. Marchionne then used GM's money to fund a turnaround at Fiat, which involved taking the Italian carmaker into a transformation alliance and then full-blown merger with U.S. automaker Chrysler as Elkann agreed to the Agnellis loosening their grip.

Fiat Chrysler cuts 2018 outlook, shares tumble on weaker quarterly profit

MILAN — The news of former Fiat Chrysler chief executive Sergio Marchionne's death arrived Wednesday moments before the group reported a surprisingly heavy drop in profit. The death of one of the auto industry's most tenacious and respected CEOs overshadowed a big selloff in Fiat Chrysler shares. FCA's scheduled second-quarter earnings presentation, led by Marchionne's successor and former lieutenant Mike Manley, began on Wednesday afternoon with a moment of silence. As eulogies flooded in, FCA shares fell as much as 10 percent as investors digested an unexpected 35 percent fall in net profit, well below market forecasts. Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year. "The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," Chairman John Elkann added. On Saturday, FCA named Jeep division head Mike Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June. FCA has said Manley will work to ensure a "strong and independent" future for the group. Underlining the task facing Manley, FCA cut its full-year earnings outlook after the weaker-than-expected quarterly earnings. Having to deliver the bad news four days into his new job, Manley blamed the result on a weaker performance in China, a market that represents one of new CEO's immediate headaches. "The biggest challenges we face and frankly we're going to continue to face ... are all focused in China," Manley said. FCA has yet to make any significant inroads in China. In Marchionne's June plan, FCA pledged to boost production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It unveiled bold targets for Jeep, FCA's profit engine. FCA said adjusted earnings before interest and tax (EBIT) for the April-June period fell 11 percent to 1.7 billion euros ($1.99 billion), compared with 2 billion euros in a Reuters poll of analysts. Chinese demand slumped in the quarter ahead of a July cut in import duties, resulting in higher incentive spending and an increase in unsold vehicle stocks that "particularly affected Maserati," Manley said.