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Chrysler names six new board directors

Executives may call the shots day-to-day at the world's leading automakers - much as they do at any other corporation - but the ultimate decision-making body remains the board of directors. And Chrysler has just named six new members to its board.
The appointments include Hermann Waldemer, the former CFO of Philip Morris International - the tobacco giant whose Marlboro brand has funneled untold billions into Ferrari as the Scuderia's title sponsor for decades, and on whose board Fiat-Chrysler CEO Sergio Marchionne sits. Waldemer replaces Doug Steenland, who came to the Chrysler board after Northwest Airlines (at which he served as CEO) merged with Delta, and whose term on the board expired just days ago.
In addition to the Waldemer appointment, Chrysler has expanded its board with five more seats, all filled by existing group executives. Among them are Reid Bigland (head of US and Canadian sales and of the Ram truck brand), Fiat general counsel Giorgio Fossati, human resources director Michael J. Keegan, Jeep CEO Michael Manley, and group CFO Richard Palmer.

Ferrari officially files SEC paperwork to register future IPO

Late last year FCA announced plans to spin off Ferrari into a separate company, and after a long wait that process has finally become official. The Prancing Horse has now filed the necessary prospectus and other documents with the Securities and Exchange Commission to hold an initial public offering on The New York Stock Exchange. The paperwork doesn't mention a specific date for the Italian sportscar maker's IPO, but it's expected sometime in October. At this point, the documents also don't include some other vital data about the IPO. Ferrari lists neither the number of shares being offered nor their price. The company also doesn't have a stock symbol yet. UBS, BofA Merrill Lynch and Santander are acting as joint book runners for the deal. As part of the IPO, FCA initially intends to sell 10 percent of Ferrari's shares on the stock market. Another 10 percent of the company still belongs to Piero Ferrari. FCA is holding onto the remaining 80 percent in the short term for financial reasons but intends to distribute them to shareholders in early 2016. After the spin-off, about 24 percent of Ferrari would be owned by Exor, 10 percent by Piero Ferrari, and 66 percent by public shareholders, according to the SEC documents. FCA boss Sergio Marchionne believes that Ferrari could be worth over $11 billion. Although, his estimate might be slightly high. According to Reuters, Wall Street is actually putting the value somewhere between $5.5 billion and $11 billion. If you're thinking about investing in the company or just want to read the nitty-gritty about the brand's financial health, the entire SEC filing can be read here. Ferrari Files for Initial Public Offering LONDON, July 23, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. ("FCA") announced today that its subsidiary, New Business Netherlands N.V. (to be renamed Ferrari N.V.), has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") for a proposed initial public offering of common shares currently held by FCA. The number of common shares to be offered and the price range for the proposed offering have not yet been determined, although the proposed offering is not expected to exceed 10% of the outstanding common shares. In connection with the initial public offering, Ferrari intends to apply to list its common shares on the New York Stock Exchange.

Dealer chain accuses FCA of paying dealers to pad sales [UPDATE]

UPDATE: The story has been updated to include a full press release from Fiat Chrysler Automobiles on the Napleton Automotive Group's allegations. A Chicago-based dealership group has filed an explosive lawsuit against Fiat Chrysler Automobiles accusing the company of paying dealers to fake new-vehicle sales, Automotive News reports. Edward Napleton, president of the Napleton Automotive Group, filed the suit on Tuesday. It claims that FCA offered Napleton money to fudge end-of-month sales figures. According to the filing, dealers would report false transactions, only to "back out" at the start of a new month "before the factory warranty on the vehicles could be processed and start to run." According to Automotive News, FCA was aware of the false reports and rewarded dealership managers for hitting sales targets. The lawsuit cites one example at Napleton Arlington Heights Chrysler Jeep Dodge Ram where an FCA business center manager offered Napleton $20,000 "to falsely report the sales of 40 new vehicles." The payment would be disguised "as a co-op advertising credit to the dealer's account." Such a move would prevent a sales audit, AN reports. Napleton rejected the deal, telling FCA it was illegal. He later learned a similar arrangement was made with a competing dealer to falsify the sale of 85 vehicles. They were given "tens of thousands of dollars as an illicit reward for their complicity in the scheme." FCA has vehemently denied the accusation in a statement obtained by Automotive News. "While the lawsuit has not yet been served on FCA US, the company believes that the claim is without merit and was filed by internal counsel to the dealer group as FCA US has concurrently been discussing with the dealer group the need to meet its obligations under some of its dealer agreements," the statement said. "The company is confident in the integrity of its business processes and dealer arrangements and intends to defend this action vigorously." There are additional allegations, as well, claiming FCA "strong-armed its dealers to achieve sales numbers" and accusing the company of maintaining a "pattern of conduct towards its dealers [that] has been one of coercion and threats of termination having nothing to do with the actual performance of its dealers." FCA is riding a wave of 69 consecutive months of year-over-year sales gains. More on this one as it becomes available. FCA Strongly Rejects Allegations by Two U.S.