Fiat Chrysler Automobiles shares
were hit by the end of the Marchionne era losing 4% on the Milan
bourse after Sergio Marchionne, in critical condition in a
Zurich hospital, was replaced by Jeep wizard Mike Manley.
Ferrari, now led by Louis Carey Camilleri, shed 5% while CNH,
now headed by Suzanne Heywood, lost 2.54%.
Agnelli family holding company Exor was also weak, shedding
4.59%.
New FCA CEO Manley's first task is to head the Group
Executive Council (GEC) today and tomorrow.
FCA share losses were cut to 1.5% later.
Industry and Labour Minister Luigi Di Maio said Monday
leftwing attacks on former FCA CEO Marchionne on his hospital
bed were "deplorable".
"Perhaps we didn't agree with Marchionne on almost anything
but seeing a certain left which left him do what he wanted when
he was powerful and attacks him now he is in a hospital bed, is
really deplorable," said the leader of the anti-establishment
5-Star Movement.
As for the future of FCA, Di Maio said "we have to be
concerned but at the same time I want to reassure people that
Italy is a country that will invest in cars and above all in
electric cars".
Alfredo Altavilla, FCA's head of operations in Europe, Middle
East, and Africa, on Monday resigned from the group.
Altavilla was one of the managers in line to succeed
Marchionne.
He reportedly decided to resign after the car group chose
Manley to replace the ailing CEO.
FCA and its workers have nothing to fear, Deputy Premier and
Interior Minister Matteo Salvini said Monday.
"FCA will continue to be in good hands, there will be no
problem either for the workers or for the future of the firm,"
said the leader of the anti-migrant Euroskeptic League party.
"The workers have nothing to fear and the firm has nothing to
fear," he said.
"No one would have wanted such a traumatic and dramatic
succession," he added, condemning "bourse speculation on
illnesses".
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