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

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

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.

FCA's Manley at the North American International Auto Show in Detroit, Michigan
CEO of Fiat Chrysler Automobiles (FCA) Mike Manley attends the North American International Auto Show in Detroit, Michigan, U.S., January 14, 2019. REUTERS/Rebecca Cook

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.

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)

Source: Reuters

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