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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.

Junkyard Gem: 1978 Chrysler LeBaron Coupe

From the early 1930s through the middle 1970s, Chrysler used the LeBaron name (taken from a coachbuilder eventually consumed by the car company, much as Fleetwood and Ghia were absorbed by GM and Ford, respectively) on high-end Imperial models. Then, facing decreased demand for mammoth land yachts thanks to certain geopolitical events, Chrysler created a separate LeBaron model, based on the midsize platform used for the Dodge Diplomat/Plymouth Gran Fury. Production of this LeBaron began in 1977 and continued until the debut of Lee Iacocca's famous K-Car LeBarons for the 1982 model year. While you'll find the occasional Diplomat these days, the 1977-1981 LeBaron has become all but extinct. Here's a crash-victim '78 in a Denver car graveyard. Plenty of times, I'll find discarded cars of this era that seem to have moldered outside for decade after neglected decade, but this one drove to its final crash. That means that the 318-cubic-inch (5.2-liter) V8 under the hood would be a good bet to buy for another Chrysler project… but nobody seems interested, because this Malaise Era engine made only 140 horsepower when new. The base engine in the 1978 LeBaron was a 110-horse Slant-6, so at least this car had the upgrade. Sure, the Diplomat was the not-so-plush successor to the non-plush Aspen/Volare and the even-less-plush Dart/Valiant, but Chrysler installed a reasonably nice interior in the Diplomat's Chrysler-badged sibling. This one has the standard "Cortez" cloth-and-vinyl bench seat, but not the optional power windows or door locks. This one has stickers for Run-D.M.C., Public Enemy, Slayer, and MegadethÂ… plus one for the Oakland Raiders, hated rivals of Denver's local sportsball team. I'm pretty sure the car was not being driven by the original purchaser when it crashed. Believe it or not, this car was available with a four-on-the-floor manual transmission and a V8 engine. Were any sold that way? I wouldn't bet on it. Molded-in faux stitching proved very popular in American cars of the late 1970s and early 1980s. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This advertisement may have resulted in some cannibalization of Cordoba sales, though the Pontiac Grand Prix stood as the primary rival for the '78 LeBaron coupe. Featured Gallery Junked 1978 Chrysler LeBaron Coupe View 39 Photos Auto News Chrysler Automotive History Coupe Chrysler LeBaron Junkyard Gems

Fiat Chrysler and Renault pursue $35-billion merger to combat car industry upheaval

MILAN/PARIS — Fiat Chrysler pitched a finely balanced merger of equals to Renault on Monday to tackle the costs of far-reaching technological and regulatory changes by creating the world's third-biggest automaker. If it goes ahead, the $35 billion-plus tie-up would alter the landscape for rivals including General Motors and Peugeot maker PSA Group, which recently held inconclusive talks with Fiat Chrysler (FCA), and could spur more deals. Renault said it was studying the proposal from Italian-American FCA with interest, and considered it friendly. Shares in both companies jumped more than 10 percent as investors welcomed the prospect of an enlarged business capable of producing more than 8.7 million vehicles a year and aiming for 5 billion euros ($5.6 billion) in annual savings. It would rank third in the global auto industry behind Japan's Toyota and Germany's Volkswagen. But analysts also warned of big complications, including Renault's existing alliance with Nissan, the French state's role as Renault's largest shareholder and potential opposition from politicians and workers to any cutbacks. "The market will be careful with these synergy numbers as much has been promised before and there isn't a single merger of equals that has ever succeeded in autos," Evercore ISI analyst Arndt Ellinghorst said. With these sensitivities in mind, FCA proposed an all-share merger under a listed Dutch holding company. After a 2.5 billion euro dividend for existing FCA shareholders - giving a big upfront boost to the Agnelli family that controls 29% of FCA - investors in each firm would hold half of the new entity. The merged group would be chaired by Agnelli family scion John Elkann, sources familiar with the talks told Reuters, while Renault chairman Jean-Dominique Senard would likely become CEO. Italian Deputy Prime Minister Matteo Salvini said the proposed merger could be good news for Italy if it helped FCA to grow, but it was crucial to preserve jobs. He did not comment on the French government's 15% stake in Renault, but an influential lawmaker from the ruling League party said Rome may seek a stake in the combined group to balance France's holding. A deal could also have profound repercussions for Renault's 20-year-old alliance with Nissan, already weakened by the crisis surrounding the arrest and ouster of former chairman Carlos Ghosn late last year. The Japanese carmaker has yet to comment on FCA's proposal.