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Fiat Chrysler's new CEO will announce plans for the organization by the end of the month 

Fiat Chrysler's new CEO Mike Manley will announce his organizational plans for the car maker by the end of September, the group's chairman said at a shareholder meeting called to vote on the appointment of the new manager after former Chief Executive Sergio Marchionne's sudden death.

"When we learned Sergio Marchionne could not return to work the board decided to appoint Mike Manley, who was the only candidate," Chairman John Elkann said.

The chairman added the decision was based on succession plans the board was working on with Marchionne for his planned departure in 2019.

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Key Points
  • Elliott Management made fresh proposals to restructure Hyundai Motor on Friday,
  • The U.S. activist hedge fund renewed pressure on the South Korean conglomerate months after forcing it to abandon its own plan.
  • Elliott called for a committee to review its proposals with other investors and experts, and said its attempts to discuss a new plan had been met with silence.
  • Elliott owns $1.5 billion worth of shares in three Hyundai group companies.