PSA Peugeot’s takeover of Fiat Chrysler to form the world’s fourth-largest carmaker has had its first executive casualty, with former Fiat Chrysler CEO Mike Manley stepping down from his role of head of the Americas.

Luxury sports carmaker Ferrari has tapped Benedetto Vigna, an Italian executive at Europe’s largest semiconductor chipmaker, as its new CEO.

Fiat Chrysler Shareholders of Fiat Chrysler and France's PSA Group are meeting Monday, Jan. 4, 2021 to vote on a merger that will create the world's fourth-largest automaker. Fiat Chrysler shares were up 0.2% in New York on Monday at $18.13, while Peugeot rose 1.7% to 22.75 euros. Fiat Chrysler announced Monday that its stockholders as of Jan. 15 will get a special cash payment worth 1.84 euros ($2.26) per common share after the merger closes. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Fiat Chrysler said there are no plans to close any plants.

Manley will run operations in the Americas when his company merges with Frances PSA Peugeot early next year. FCA Chairman John Elkann announced Manleys new post on Friday, Dec. 18, 2020 in a letter to employees. (AP Photo/Carlos Osorio)DETROIT – Fiat Chrysler CEO Mike Manley will run operations in the Americas when his company merges with France's PSA Peugeot early next year. PSA CEO Carlos Tavares will run the overall company, to be named Stellantis. group, with Fiat Chrysler chairman John Elkann head of the board.

ROME – Luxury sports car maker Ferrari says its chief executive, Louis Camilleri, has resigned for personal reasons. Chairman John Elkann will take over until a successor is named, Ferrari said in a statement late Thursday. Camilleri, who took over as CEO in 2018 following the death of longtime CEO Sergio Marchionne, is also stepping down as chairman of Philip Morris International, one of Ferrari’s main sponsors. When he took over as CEO, Camilleri unveiled a business plan that included reviving iconic models embedded with Formula One technology and expanding Ferrari’s electric-gasoline hybrid powertrain offerings. Net profits were 171 million euros ($200 million) in the quarter, compared with 169 million in the same period last year.

The Italian-American automaker is in talks with French automaker PSA Group, the owner of Peugeot and Citroen cars, over a potential combination, according a report in the Wall Street Journal. Spokespeople for both Fiat Chrysler and Peugeot declined to comment on the report. Fiat Chrysler is trailing many of its competitors in those R&D efforts. Fiat Chrysler was created out of a cross-border merger. Fiat Chrysler, which is due to report third quarter results on Thursday, is likewise profitable.