Fiat Chrysler exec quits after Marchionne exit

Fiat Chrysler exec quits after Marchionne exit

Fiat Chrysler exec quits after Marchionne exit

Marchionne had shoulder surgery three weeks ago, and his recovery is taking longer than expected because of unexpected complications, according to a statement from the company. Marchionne now serves as both CEO and chairman of the sportscar maker.

Fiat Chrysler said Marchionne, 66, is "unable to return to work" due to his health.

The Fiat Chrysler Automobiles (FCA) group has announced that due to his deteriorating health, Sergio Marchionne has resigned from his post as chief executive officer.

Ferrari announced that Louis Camilleri, an Egyptian-board Maltese and longtime executive at Philip Morris International, the tobacco company, was chosen to replace Marchionne as CEO of the sports auto maker.

Marchionne, widely credited with rescuing both Fiat and Chrysler from the brink of bankruptcy, had focused on fixing FCA's finances first, notably erasing all debt.

Shares in Fiat Chrysler and Ferrari fell more than 5 per cent after CEO Sergio Marchionne fell seriously ill following complications from surgery, prompting a premature change at the helm of both companies. Manley likely did not know he was the chosen one as Marchionne had told reporters repeatedly that the new CEO would be told at the last minute.

Candice Miller, Macomb County public works commissioner and former Republican congresswoman from Harrison Township, said she is “sorry to hear” Marchionne is stepping down.

Chrysler CEO Sergio Marchionne, left, is seen with Jeep brand President and CEO Mike Manley at the Jefferson North Assembly Plant, in Detroit.

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Michelle Kreps, an analyst at Autotrader, called Manley "a logical, solid choice to replace Marchionne" given that the company's future is dependent on the success of Jeep and its other global brands.

The news was confirmed on Saturday evening, with Ferrari naming John Elkann as the company's new chairman.

From 2015, he also headed the Ram division, producing big pick-ups and vans under the Chrysler badge after it and Fiat had merged in 2014.

Another position vacated by Marchionne was as Chairman of truck and tractor maker CNH Industrials.

Marchionne spun off CNH as well as sports vehicle maker Ferrari during his 14-year tenure at Fiat that included the merger with USA carmaker Chrysler.

"I am profoundly saddened to learn of Sergio's state of health", he said.

Even without Marchionne, FCA will remain "culturally more open to dealmaking and savvy to potential capital market opportunities than much of the competition", he added.

He meant to step down from his role as CEO in April next year, and he laid out a plan for FCA to become the United State's most profitable automaker over the next five years.

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