May 31, 2019 / 7:48 AM / 3 months ago

RPT-FCA CEO Manley sold shares for $3.5 mln this week to cover personal expense

MILAN, May 31 (Reuters) - Fiat Chrysler Chief Executive Mike Manley sold shares in the car maker for $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 $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)

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