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Fiat Chrysler CEO Marchionne's health crisis forced succession scramble

Former Fiat Chrysler Chief Executive Sergio Marchionne for more than a year assured investors that he and the automaker's board were working on an orderly succession plan ahead of his expected departure in 2019. But a health crisis that left 66-year-old Marchionne incapacitated in a Swiss hospital set off a transition last week that was sudden and rushed, banking and industry sources said. The company announced on Wednesday that Marchionne had died, succumbing to complications from surgery. It emerged that Marchionne's successor was far from settled. Indeed before last week's crisis, many company executives remained in the dark, four banking sources who spoke to Fiat Chrysler executives told Reuters. The scramble to replace Marchionne led to the resignation of a senior executive who was passed over for the top job, the sources said, and exposed fissures between the Italian and North American sides of the world's seventh-largest automaker. Fiat Chrysler Chairman John Elkann named Michael Manley, head of the company's Jeep and Ram truck divisions, to replace Marchionne at an emergency meeting in Turin, Italy on Saturday. In doing so, Elkann followed Marchionne's wishes to appoint Manley his successor, two sources said. The company has portrayed Manley's appointment as the product of lengthy deliberation. "Sergio and John have always been totally aligned on the choice of Mike Manley," Fiat Chrysler's main spokesman Mike Keegan said on Tuesday, when asked whether there were differences over the succession. Elkann's office declined to comment. Manley could not immediately be reached for comment. This description diverges from what Marchionne himself told investors on June 1 during a day-long strategy presentation in Balocco, Italy. Marchionne said that he and Elkann "from time to time have these chats" about succession, but the issue would not be decided until next year. "It's a 2019 issue," Marchionne said. "So it's not going to happen until we close '18. It just won't happen." He went on to say that the company's board would not engage in a "rubber stamp process." Some analysts have also expressed skepticism that a final decision had been made. "My view is Marchionne and Elkann were still arguing about succession and had different views on the right candidate," Sanford Bernstein analyst Max Warburton said in a note on Monday, referring to the June 1 presentation.

Chrysler earns $1.7B in 2012, revises product plans for US

Hot on the heels of Ford's earnings announcement for the year that was, Chrysler today reported a 2012 net income of $1.7 billion, up substantially from the comparatively minuscule $183 million profit earned in 2011 when it repaid its US government loans.
Chrysler's good year ended with an excellent fourth quarter that saw net income rise 68 percent from $225 million in 2011 to $378 million. Where are all those extra earnings coming from? Market share, which Chrysler saw increase to 11.4% last year on sales of 1.65 million vehicles. In fact, the Auburn Hills, MI-based automaker out-paced the industry's market growth of 13 percent last year with sales up 21 percent for the year.
The company also revealed an updated product plan for its Chrysler Group and Fiat brands that looks all the way out to 2016. It's an updated version of the plan introduced in 2009 shortly after Fiat took control of the American automaker, and includes such new additions as an Alfa Romeo model, likely the 4C, to be introduced in the US this year, as well five more Alfa models by 2016. Likewise, Fiat will be growing by an additional seven models in the coming few years.

Car Club USA: Chrysler Power Classic

Car Club USA heads to the Buckeye State for some high-octane drag racing at the Chrysler Power Classic. And for these amateur drag racers, nothing but Mopar muscle will do. "I would say Mopar is kind of a way of life," says Larry Augenstine. "Some people get addicted to lemonade, or beer, [or] drugs. Well, I'm Mopars." Larry drives a 1968 Plymouth Barracuda with a 426 Hemi motor that once belonged to local racing legend Ray Christian. He's joined at the track by Mark Ipsen of the Midwest Nostalgia Pro Stock Association. Mark runs a 1979 AMC Concord with a modified 401 block V8 that he claims has dynoed at just under 1,000 horsepower. The biggest threat to any day on track is Mother Nature, who cast a threatening shadow over National Trail Raceway for much of the event. When the clouds and rain subsided, our cameras captured the grounds crew in action with blowers, torches, and a sticky compound that's sprayed the entire length of the track. Can Larry, Mark, and the rest of these Mopar fanatics make the most of the few runs they'll get? Stay tuned to find out. Each Car Club USA episode features a different car club or event from across the US, where passionate owner communities gather to share automotive experiences and embark on incredible adventures. From Main Street cruises to off-road trails, catch all the latest car club activity on Autoblog. Chrysler Racing Vehicles Performance Car Club USA Videos Original Video autoblog black