On Friday, June 1, Sergio Marchionne, the outgoing CEO, is expected to discuss Fiat Chrysler Automobile N.V.'s long-term financial targets in the company's strategy meeting.
Marchionne, who is expected to retire in 2019, may also reveal his successor.
The meeting is expected to go through the next five years and map out the financial targets of the company.
Fiat Chrysler has been one of the few automotive giants to pretty much ignore the rise of the electric car, so a successor to Marchionne may focus the company on electric or hybrid car models.
Santander Consumer USA Holdings Inc. (SC) - Get Report shares plummeted after the news that Fiat Chrysler may announce that it's forming a finance unit in the U.S. at the Friday meeting according to a report from Bloomberg.
Santander and Fiat Chrysler entered a financial agreement in 2013. As of December, Santander hadfinanced 28% of Fiat Chrysler's leases and loans. The agreement is supposed to last for 10 years.
Santander was down nearly 7% when the market closed on Wednesday.
The car maker's shares jumped 6% as anticipation on upbeat guidance took hold.