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Fiat Boss Says He's "Done" in 2018 After Completion of Five-Year Plan

Motor Trend logo Motor Trend 10/8/2014 Karla Sanchez

In just a few years, Fiat Chrysler Automobiles will be in company boss Sergio Marchionne's rearview mirror, as the CEO has announced he'll be moving on to do something else after the company's five-year plan is completed in 2018.

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"I am not going to do any more turnarounds. I'm done; let some of the young punks do it," Marchionne told Bloomberg. Fiat Chrysler Ceo Sergio Marchionne 1© Provided by MotorTrend Fiat Chrysler Ceo Sergio Marchionne 1

Thankfully for the company, he's not just up and leaving, as he'll wait until the five-year plan that calls for a slew of new Alfas, Maseratis, Jeeps, and other models is completed in 2018. The CEO also plans to go out with a bang by boosting the company's net income fivefold to about $6.3 billion by the time he leaves in 2018, which doesn't appear too out of reach considering income increased 9 percent in 2013, and is expected to reach $2.3-2.5 billion in 2014. Since serving as the head chief of Fiat since 2004, the CEO has tripled the company's revenue, and because he's been with the company that long, that makes him the longest serving CEO of any major European automaker.

While it's unclear who will take the reins at the company after Marchionne is gone, there are a number of strong candidates who are up for the challenge of taking over. Chairman John Elkann doesn't want the seat, but said the company has "strong candidates," though he couldn't name any. Some of them might include Mike Manley, head of the Jeep Brand; Alfredo Altavilla, head of Fiat Europe; and Cledorvino Belini, head of Fiat Brazil. Either way, Marchionne's replacement could bring major changes. “There are a number of things that the next CEO will do which are totally different from what I do,” he told Bloomberg. Sergio Marchionne Press Conference Pentastar© Provided by MotorTrend Sergio Marchionne Press Conference Pentastar

While it's unclear what the boss has in mind for his life after Fiat SpA, he did say he would "undoubtedly do something else," which includes focusing on his personal interests such as theoretical physics.

Source: Bloomberg

Fiat-Chrysler CEO Sergio Marchionne 3© Provided by MotorTrend Fiat-Chrysler CEO Sergio Marchionne 3
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