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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

Who are Mike Manley, Louis Camilleri, and Suzanne Heywood?

MILAN – Fiat Chrysler aid on Saturday that boss Sergio Marchionne, 66, would not be returning to work because he was gravely ill. In addition to being FCA chief executive, Marchionne was also CEO and chairman of luxury sports car brand Ferrari and chairman of truck and tractor maker CNH Industrial, which were spun off from FCA in recent years. Following is a brief summary on the executives who have been appointed to replace him in the various roles: MIKE MANLEY The 54-year-old Briton picked to become the FCA's new CEO has been leading the group's top brand Jeep since 2009, first as Jeep President and CEO at Chrysler and then as FCA's Jeep head. In 2015 he was also appointed head of the Ram brand. Under his tenure, Jeep turned into a global brand becoming, together with Ram, FCA's profit engine. Jeep sold nearly 1.4 million cars last year compared with less than 338,000 in 2009. Manley had worked as DaimlerChrysler's head of network development in Britain since 2000, having earlier worked for several years in car dealership. At Chrysler, he headed product planning and all sales activities outside of North America and then became the group's chief operating officer for Asia and the lead executive for the international activities outside of NAFTA. LOUIS CAMILLERI The new Ferrari CEO was already a board member at the luxury sportscar maker before his latest appointment. He is also the chairman of Philip Morris International, where he also held the job of CEO from 2008 to 2013. Born in 1955, Camilleri had joined Altria Group, which controls Philip Morris, in 1978 holding various positions until he became chief financial officer in 1996 and then CEO in 2002. Camilleri was also chairman of Kraft Foods from 2002 to 2007. Malta's Prime Minister Joseph Muscat wished Camilleri luck on Twitter saying he was proud to have "a bit of Malta in Ferrari" thanks to the new CEO, who was born in Egypt to Maltese parents. SUZANNE HEYWOOD The new, British-born chairwoman of CNH Industrial has been since 2016 the managing director of EXOR, the holding company through which the Agnelli family controls FCA. Heywood, 49, started her career at the British Treasury and then joined McKinsey in 1997, leading for many years the consultancy firm's global service line on organization design. She eventually became a senior partner there. Heywood sits on the board of The Economist, which is controlled by EXOR, and the board of the Royal Opera House, where she is also deputy chair.

FCA facing class-action lawsuit over Grand Cherokee shifters

Fiat Chrysler Automobiles is now facing a multi-million-dollar class-action lawsuit over the recalled shifter design in the 2014 and 2015 Jeep Grand Cherokee, and the 2012 to 2014 Dodge Charger and Chrysler 300. Grand Cherokee owners, galvanized by Star Trek actor Anton Yelchin's fatal accident, filed the suit. According to The Wall Street Journal, the owners allege that FCA concealed the shifter's problems. On top of restitution, the class action suit is demanding a court order force FCA to issue a do-not-drive warning to owners of affected vehicles until it fixes the problem. FCA started distributing a software fix to dealers last week – according to the WSJ, the update will add more warnings about the shifter's position and will automatically kick the vehicle into park if the driver steps out. FCA's shifter problems have been bubbling under the surface as part of the company's recall issues. The US government dinged FCA with a $105 million fine last year for its recall practices (or lack thereof) last year, but things have exploded this week after Yelchin's death. The 27-year-old, best known for playing Ensign Pavel Chekov in the rebooted Star Trek film series, was killed after his 2015 Grand Cherokee rolled down his driveway and pinned the actor against a security gate. According to Jeep CEO Mike Manley, the company will dispatch engineers to analyze Yelchin's vehicle. Related Video: