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Fiat Chrysler's Europe head resigns after Marchionne's replacement named

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Key Points
  • Fiat Chrysler's COO of the EMEA region is leaving the company after he was passed over to replace Sergio Marchionne as CEO.
  • Mike Manley, head of the Jeep brand, will replace Marchionne and take on the role of interim COO of the EMEA region.
  • Fiat Chrysler is scheduled to announce its second-quarter earnings on Wednesday.
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Fiat Chrysler Europe head to leave company

Fiat Chrysler's European chief is leaving the company after it promoted Mike Manley, head of the Jeep brand, to CEO.

Alfredo Altavilla, who had been considered a candidate for the top post, resigned after Fiat Chrysler replaced CEO Sergio Marchionne this weekend amid ongoing health struggles. Marchionne was due to step down in April, but complications following a recent surgery sped up his departure.

Altavilla had been with Fiat Chrysler since 1990. In 2012, he was appointed chief operating officer of the Europe, Africa and Middle East region.

Manley will now also take on the role of interim COO of the EMEA region. To assist his transition, Altavilla will work with him through the end of August.

Manley previously ran the Jeep and Ram truck brands, which are two of the company's most profitable units. Both brands have been boosted by a consumer shift toward trucks and SUVs.

The departures of two of the company's top executives comes just days before Fiat Chrysler will report second-quarter earnings on Wednesday.

Fiat Chrysler shares were down nearly 2 percent Monday.