Following the well known saying “Put your money where your mouth is, ” Marchionne, chief executive of recently merged Fiat Chrysler Automobiles has recently purchased 335,745 ordinary shares from the automaker at a price of 7.727 euros a piece.
The move was made last week, according to a filing to the US Securities and Exchange Commission and follows swiftly after Marchionne bought in May another million shares. The move could be a show of faith in the seventh-largest global automaker as they both come at crucial times for the group – the one in May coincided with the unveiling of the management team’s five-year business strategy for FCA and the latest comes as the company started trading on the New York Stock Exchange.
Analysts noted that Marchionne took the stake at a good price, as shares now hover around the 10-euro mark. Today, the executive owns 6.8 million shares, which make up for 0.42 percent of the total number of FCA shares (including the special voting shares awarded by Fiat after fully taking over Chrysler).
John Elkann, the chairman of Fiat Chrysler Automobiles and the CEO of Exor, the largest shareholder in Fiat Chrysler, has also acquired one million FCA shares in May, but the total amount of Elkann’s personal holding in the automaker is currently unknown.
Via Automotive News Europe