FCA CEO Manley sold shares for US$3.5 million this week to cover personal expense

News May 31, 2019 No Comments

FCA CEO Manley sold shares for US$3.5 million this week to cover personal expense

MILAN: Fiat Chrysler Chief Executive Mike Manley sold shares in the car maker for US$3.46 million on May 28, the day after the announcement of a merger proposal to French rival Renault, a regulatory filing showed.

An FCA spokesman said Manley sold the shares to cover a personal expense. A filing by Dutch stock market regulator AFM showed Manley sold 250,000 shares at US$13.85 each.

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Shares in Fiat Chrysler lost 4.2 percent by 0726 GMT, underperforming a 2.6 percent drop in the European car sector driven by trade tensions. A Milan-based trader Manley’s move was “not a good sign” and compounded the weakness in FCA’s shares.

(Reporting by Toby Sterling, Valentina Za and Giancarlo Navach, editing by Silvia Aloisi)

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