PSA Peugeot’s takeover of Fiat Chrysler to form the world’s fourth-largest carmaker has had its first executive casualty, with former Fiat Chrysler CEO Mike Manley stepping down as his role of head of the Americas.

Luxury sports carmaker Ferrari has tapped Benedetto Vigna, an Italian executive at Europe’s largest semiconductor chipmaker, as its new CEO.

Fiat Chrysler Shareholders of Fiat Chrysler and France's PSA Group are meeting Monday, Jan. 4, 2021 to vote on a merger that will create the world's fourth-largest automaker. Fiat Chrysler shares were up 0.2% in New York on Monday at $18.13, while Peugeot rose 1.7% to 22.75 euros. Fiat Chrysler announced Monday that its stockholders as of Jan. 15 will get a special cash payment worth 1.84 euros ($2.26) per common share after the merger closes. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Fiat Chrysler said there are no plans to close any plants.

FILE - In this Jan. 14, 2019 file photo, Fiat Chrysler's new CEO, Mike Manley, is interviewed at the North American International Auto Show in Detroit. Manley will run operations in the Americas when his company merges with Frances PSA Peugeot early next year. FCA Chairman John Elkann announced Manleys new post on Friday, Dec. 18, 2020 in a letter to employees. (AP Photo/Carlos Osorio)DETROIT – Fiat Chrysler CEO Mike Manley will run operations in the Americas when his company merges with France’s PSA Peugeot early next year. PSA CEO Carlos Tavares will run the overall company, to be named Stellantis.

ROME – Luxury sports car maker Ferrari says its chief executive, Louis Camilleri, has resigned for personal reasons. Chairman John Elkann will take over until a successor is named, Ferrari said in a statement late Thursday. Camilleri, who took over as CEO in 2018 following the death of longtime CEO Sergio Marchionne, is also stepping down as chairman of Philip Morris International, one of Ferrari’s main sponsors. When he took over as CEO, Camilleri unveiled a business plan that included reviving iconic models embedded with Formula One technology and expanding Ferrari’s electric-gasoline hybrid powertrain offerings. Net profits were 171 million euros ($200 million) in the quarter, compared with 169 million in the same period last year.

DETROIT General Motors is suing Fiat Chrysler for an alleged bribery scheme involving the United Auto Workers (UAW). A federal judge hearing the case wanted the companys CEOs to sit down and hash out a deal. READ: General Motors appeals ruling in FCA lawsuit after judge tells CEOs to make a dealGM filed a racketeering lawsuit against FCA and its now deceased CEO Sergio Marchionne last November. On June 23, a district judge ordered that CEOs Mary Barra of GM and Michael Manley of FCA to meet in person, without legal counsel. They were ordered to personally report back to the district judge on July 1 on their progress on settling the case.