Fiat's Manley Off to Rough Start With Lower Profit Outlook
- New CEO faces sales slump in China only days after taking helm
- Longtime Jeep boss follows Marchionne who died after surgery
This article is for subscribers only.
Fiat Chrysler Automobiles NV cut its financial targets after disappointing sales in China took a toll on second-quarter results, marking a rocky beginning to the tenure of new Chief Executive Officer Mike Manley.
The shares fell as much as 16 percent in Milan, the most since January 2017, following results announced just hours after the death of former CEO Sergio Marchionne. Manley started the call with a minute of silence to honor his mentor.