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Chrysler Group moves around execs in wake of recent departure

Chrysler is busy shuffling executives around in the wake of Ram head Fred Diaz's departure. The automaker has named Reid Bigland (pictured, right) as Diaz's successor in the role of president and CEO of Ram, though Bigland will continue his duties as the head of US sales and the president and CEO of Chrysler Canada. Bigland first came to Chrysler in 2006 from Freightliner Custom Chassis Corporation, so the guy knows a thing or two about trucks.
Meanwhile, Timothy Kuniskis will take over as president and CEO of Dodge. Previously, he served as the head of Fiat in North America and has been with Chrysler in one capacity or another since 1992. His old title now falls to Jason Stoicevich, who will also continue to work as the director of the automaker's California Business Center. Finally, Bruno Cattori will take over as the president and CEO of Chrysler Mexico.
Diaz left his position to take over as a divisional vice president of sales and marketing with Nissan. You can read the full press release on the Chrysler personnel changes below for more information.

PSA shares rise following FCA's breakup with Renault

Shares in Groupe PSA, parent company of automakers Peugeot, Citroen and the DS brand, rose on Thursday as analysts considered the possibility that Fiat Chrysler could turn back to PSA after withdrawing its $35 billion merger offer for Renault. "Both parties have acknowledged the need for scale or [mergers and acquisitions] and may pursue other opportunities. If Nissan was an obstacle (to an FCA-Renault deal) PSA-FCA discussions could resume," wrote brokerage Jefferies. Back in March at the Geneva Motor Show, rumors started swirling that PSA was interested in a potential merger with FCA. Mike Manley, who took over at the helm of Fiat Chrysler following the death of Sergio Marchionne, had indicated a willingness to look into potential partnership options. Of course, that was all before FCA proposed a merger with Renault — with that deal now off the table, attention naturally turns back to PSA, which is also based in France. "We expect both shares to react negatively but see FCA having wider strategic options and Renault shares more downside risk near-term," said Jefferies. According to Reuters, PSA shares were up 1.5% at the time this was published, making it the top-performing stock on France's benchmark CAC-40 Index. Renault saw its shares slump 7%. Shares for FCA fell 3% in early trading on the Milan Stock Exchange. Considering that FCA said in its statement confirming the withdraw of its merger offer with Renault that "political conditions in France do not currently exist for such a combination to proceed successfully," we have to wonder how keen the company is to begin negotiations with another French automaker like PSA. Those thoughts were similarly voiced by Bernstein Research analyst Max Warburton, who said (via Forbes), "Expect PSA to rise on unrealistic hopes it may be FCA's next date." Earnings/Financials Chrysler Fiat Mitsubishi Nissan Citroen Peugeot Renault FCA renault-nissan

Chrysler recalling 630k Jeep models worldwide

Despite its refusal to recall 2.7 million Jeep Grand Cherokee and Liberty models this week over a gas tank fire risk, Chrysler will be recalling 630,000 Jeep Compass (pictured), Patriot and Wrangler vehicles around the globe for a pair of entirely different reasons.
The affected Compass and Patriot models are all from the 2010 to 2012 model years - 254,000 in the United States, 45,400 in Canada and 109,000 elsewhere in the world. In these models, a software error may result in the late deployment of the side airbags and seatbelt tensioners. In the event of a crash, failure of these systems could result in more serious injuries for the vehicle's occupants.
Jeep's go-anywhere Wrangler also faces a separate recall due to power steering fluid lines that can possibly wear a hole in the transmission oil cooler line. According to Chrysler, the vehicles could then leak fluid, possibly damaging the transmissions. Roughly 221,100 Wrangler models are being recalled because of this issue, all of which are fitted with Jeep's 3.6-liter Pentastar V6 engine. In the US, 181,000 vehicles are affected, with an additional 18,400 in Canada and 21,700 additional units worldwide. A Chrysler spokesperson said that no crashes or injuries have been reported with either case, according to the Associated Press.