FCA’s Manley excluded from board of merged organization with PSA

PARIS/MILAN — PSA Team and Fiat Chrysler Cars have named the 11 associates of the board of administrators of Stellantis, the new company that will consequence from the automakers’ merger.

Carlos Tavares, the CEO of PSA and the potential CEO of Stellantis, is on the board, but Mike Manley, CEO of FCA, is not.

As component of the automakers’ mix arrangement signed in December 2019, the board will only have two government associates. These are Tavares and John Elkann, recent FCA chairman. FCA has earlier mentioned Manley’s function in just Stellantis will be announced “before the merger completion.”

Elkann, who is the head of FCA mother or father company Exor, will be the chairman of the board. Robert Peugeot, the head of the Peugeot household companies and a member of PSA’s supervisory board, will be the vice chairman.

Andrea Agnelli, president of the Italian soccer club Juventus and a member of the Agnelli-Elkann relatives that controls FCA, is the next board member symbolizing FCA. Agnelli is a cousin of John Elkann.

As agreed to in the phrases of the companies’ mixture arrangement, each individual automaker has nominated 5 associates in addition to Tavares of the 11, seven are thought of impartial. 

One board member nominated by every single firm will stand for employees.

The senior independent director will be Henri de Castries, previous CEO of the insurer AXA and a board member at a range of providers such as Nestle. 

The other six independent board users are:

  • Fiona Clare Cicconi (FCA), symbolizing FCA staff and head of human methods at AstraZeneca
  • Nicolas Dufourcq (PSA), the normal manager of Bpifrance, the French govt expense fund, which holds 12 p.c of PSA.
  • Ann Frances Godbehere (PSA), director at Royal Dutch Shell and a previous financial executive
  • Wan Ling Martello (FCA), former govt vice president at Nestle
  • Jacques de Saint-Exupery (PSA), representing PSA workers and the head of the workers’ committee at PSA
  • Kevin Scott (FCA), the main specialized officer of Microsoft.

The merger of PSA and FCA, which would generate the fourth-most significant automotive manufacturer by quantity, was declared in the autumn of 2019 and is expected to near in the initial quarter of 2021.