Fiat CEO Plans to Steer Clear of Merger After Parts-Unit Sale

Fiat Chrysler Automobiles NV plans to stay single after the more than $7 billion sale of its auto-parts unit, Magneti Marelli.

“We’re in a much stronger position than FCA has been in the past,” Chief Executive Officer Mike Manley said on an earnings call Tuesday. “We’re confident in our five-year business plan and confident we can complete it as an independent” company.

Mike Manley

Photographer: Laura McDermott/Bloomberg

Manley, who took over as CEO in July just days before his predecessor Sergio Marchionne died, announced that Fiat Chrysler will pay a 2 billion euro ($2.3 billion) extraordinary dividend to shareholders after the Magneti Marelli ...