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FCA shares dip 4% in trading after Marchionne exit

2018-07-24 07:52

Milan — Shares in Fiat Chrysler Automobiles have dropped 4% in the first trading since news that the Italian-American automaker's longtime CEO, Sergio Marchionne, has been replaced unexpectedly due to complications from surgery.

FCA shares opened Monday at 15.70 euros in volatile Milan trading. The losses weighed on the Milan stock exchange overall, where the heft of FCA pulled down the benchmark FTSE MIB by nearly 1%.

The FCA board on Saturday named long-time Jeep executive Mike Manley as CEO, accelerating a transition that was planned for early next year. The company said the 66-year-old Marchionne suffered complications from shoulder surgery last month that meant he cannot resume his duties.

Boards also named replacements for Marchionne as Ferrari CEO and CNH Industrial chairman.

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