FILE PHOTO: Fiat Chrysler Automobiles (FCA) CEO Mike Manley arrives at the memorial service held in honor of former CEO Sergio Marchionne in Turin, Italy, September 14, 2018. REUTERS/Massimo Pinca

MILAN (Reuters) - Fiat Chrysler Chief Executive Mike Manley will remain with the new group set to result from a planned merger with French rival PSA-Peugeot, Chairman John Elkann said on Wednesday.

In a letter to Fiat Chrysler (FCA) employees on the day the two companies announced a binding agreement for a $50 billion tie-up to create the world’s fourth-largest carmaker, Elkann said he was “delighted” that the combined group would be led by current PSA CEO Carlos Tavares.

“And Mike Manley, who has led FCA with huge energy, commitment and success over the past year, will be there alongside him,” he said. He did not say what position Manley would hold.

Elkann - who will chair the new group - said there was still much to be done to complete the merger.

“Over the coming months we must work tirelessly and determinedly to fulfill all the approval requirements needed to finalize the commitment we have signed,” he said.