Fiat Chrysler has begun to seriously look for a replacement for 65-year old CEO Sergio Marchionne, who plans on retiring in two years’ time in 2019.
As Bloomberg reports, finding a replacement for Marchionne isn’t as easy as it would be for other CEOs. The Italian-Canadian executive is heavily involved in the automaker’s operations at all levels, overseeing its finances, product planning and more. As such, it’s unlikely a direct successor to him be chosen. Instead, FCA will have to overhaul its management pillars to better suit his departure.
FCA is said to be looking inward for personnel to replace Marchionne. Head of FCA’s European operations, Alfredo Altavilla, is rumored to be up for a leadership position, while Chief Financial Officer Richard Palmer’s name has also been floated. Other potential candidates include Jeep and Ram brand boss Mike Manley, chief technology officer Harald Wester and head of Maserati and Alfa Romeo Reid Bigland.
Right now Marchionne is looking to rid FCA of its 5 billion euros in debt in order to set it up for a merger with another automaker. If Marchionne is able to merge FCA with one of its competitors, such as Volkswagen, for example, the plan to find a successor to Marchionne will likely be abandoned.