The company is called Fiat but its success depends on one iconic brand – JEEP.
Sergio Marchionne has been the CEO at Fiat Chrysler for 14 years and was due to step down in 2019 but due to health reasons, his departure has come earlier than expected. Sergio is an automotive icon who has taken the company from zero to hero, the real hero in many people’s eyes, however, is our beloved Jeep.
Jeep is Fiat’s most profitable brand and under the guidance of Mike Manley who has been the head of Jeep since 2009 the future for Fiat looks seriously bright. Mike Manley was responsible for a 67% growth in Jeep & Ram sales in 2017 alone and now he’s been asked to step up to the top table and take over from Sergio as the CEO of Fiat Chrysler.
The new CEO will start immediately according to a company statement, we wish Sergio Marchionne all the best in his recovery from recent shoulder surgery.
The new CEO has been involved with Jeep since 2000 when the carmaker was part of Daimler. He was named the head of Jeep at the start of Fiat’s five-year acquisition, and led the transformation of the iconic American brand into a cash machine! Analysts estimate that Jeep alone is worth $30 billion – the entire market value of Fiat!
The goal is simple – double Jeep sales by 2022 from the 1.4 million vehicles sold in 2017. He needs a 40% jump this year alone to meet the 2 million aim set by Sergio, this would be serious growth for Jeep which is experiencing an increase in sales across the globe.
We wish Mike Manley the best of luck in his new role – Fiat is in good hands!
Image credit: Daniel Acker/Bloomberg