Ferrari chief Sergio Marchionne replaced as result of illness

Darnell Taylor
July 22, 2018

Marchionne, 66, had surgery on his right shoulder and needed a short period of convalescence, an FCA spokesman told Italian business website Lettera 43 on July 5.

Reports suggest the Fiat-Chrysler board's decision to accelerate Marchionne's succession plan is rooted in a medical condition from which the 66-year-old manager is now suffering, and which could bring forth a departure initially scheduled for later this year.

Fiat Chrysler Chairman John Elkann also released a statement on Saturday regarding Marchionne's health. Unfortunately, these complications have "worsened significantly in recent hours" and the company has confirmed he won't be able to return to work.

Fiat Chrysler Automobiles' board of directors has recommended that Jeep executive Mike Manley replace current CEO Sergio Marchionne due to his deteriorating health. Manley, 54, has been the head of the Jeep brand since 2009 and Ram since 2015. "It was a situation that was unthinkable until a few hours ago, and one that leaves us all with a sense of injustice".

A Ferrari statement said the company had learned of Marchionne's condition "with deep sadness" and thanked him for "the extraordinary contribution he has made in recent years at the helm of Ferrari".

Mike Manley former Jeep chief and current FCA CEO
Mike Manley former Jeep chief and current FCA CEO

Elkann, who is the grandson and chosen heir of former Fiat boss Gianni Agnelli, issued the following statement.

But Marchionne developed complications following surgery in Italy and his health took a turn for the worse, making the corporate news necessary.

In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO.

Manley also oversaw the expansion of Jeep into China as COO of FCA's Asia-Pacifica region, which has become a third profit center for the automaker behind North America and Europe, from 2011-2017. His worldwide background meant that he was perfectly-qualified to work for the tobacco firm, which he joined in 1978 as a business development analyst and four years later became the company's director of business development and planning.

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