A man in the running to replace Sergio Marchionne after his planned 2019 retirement has left the company, just two days after Jeep and Ram boss Mike Manley took over the CEO position from a seriously ill Marchionne.
The departure of Alfredo Altavilla, who headed up Fiat Chrysler’s Europe, Middle East, and Africa region, leaves the unexpectedly promoted Manley with another file on his plate.
In a brief statement, FCA said Altavilla was leaving to pursue “other professional interests.” Though the leadership changes are effective immediately, Altavilla won’t become a stranger overnight.
“The Group Chief Executive Officer, Mike Manley, is also appointed ad interim Chief Operating Officer of EMEA Region. Alfredo will be working with Mike through the end of August to ensure a smooth transition,” the automaker stated. “Global Business Development will now be realigned to report to Richard Palmer, the Group Chief Financial Officer and Chief Operating Officer Systems and Castings.”
After joining Fiat Auto in 1990, Altavilla eventually rose to the ranks of the Group Executive Council in 2011. At the same time, he was appointed head of business development. Altavilla added his current role in November, 2012.
Palmer, who takes over the business development file, was also a top candidate for Marchionne’s job. Both FCA and recently spun-off Ferrari held emergency meetings on Saturday to select a new CEO as reports emerged that the 66-year-old Marchionne suffered serious complications from shoulder surgery performed in Switzerland a few weeks prior. According to reports out of Italy, Marchionne is currently in a coma. His condition may be “irreversible.”
Manley faces investors for the first time on Wednesday, where he’ll no doubt seek to reassure them that FCA’s future is in good hands.
[Image: FCA]
Sour grapes?
It is not uncommon for senior execs who lose the race to become CEO to leave the company in search of greener pastures (and a CEO title) elsewhere. It can be very difficult to work for someone you were a rival to for the job that they got and you did not.
Bob Nardelli, for example, lost the contest to succeed Jack Welch to Jeffery Immelt. He left GE, but went on to “spectacular” stints at The Home depot and Chrysler.. For some reason, he then seemed to disappear from sight…
I would have at least waited until a permanent decision was made. The guys appointed during the weekend were done so frantically, and could very well be replaced in the near future
That’s a little naive. These succession plans were done well in advance and Mike Manley appointment is official, not interim. Sergio wasn’t supposed to bow out this early but the succession plan was locked in.
Marchionne has passed away at 66. RIP.
:( RIP