FILE - In this file photo dated Monday, Jan. 15, 2018, Mike Manley, head of Jeep brand, addresses the media during the North American International Auto Show, in Detroit, USA. The Fiat Chrysler's board on Saturday July 20, 2018, has recommended Jeep executive Mike Manley to replace seriously ill CEO Sergio Marchionne. (AP Photo/Carlos Osorio)

Fiat Chrysler new CEO takes wheel with earnings presentation

July 24, 2018 - 7:38 am

MILAN (AP) — Fiat Chrysler's second-quarter earnings presentation was meant to celebrate long-time CEO Sergio Marchionne's achievement of zero debt. That will be overshadowed by the accelerated debut of a new global boss, Mike Manley, after the sudden deterioration of Marchionne's health.

Credited with the turnaround of money-making Jeep, Manley faced his first test as CEO on Monday as shares in Fiat Chrysler became volatile and the head of the European operations — a potential successor to Marchionne — quit. In a vote of confidence, ratings agency Standard & Poor's confirmed Fiat Chrysler's BB+ credit grade.

Manley's next test comes Wednesday when he presents the Italian-American automaker's earnings. A forecast by FactSet put Fiat Chrysler second-quarter profits at 1.28 billion euros ($1.5 billion), up 11 percent over the same period last year.

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