Marchionne replaced as FCA Group boss due to ill health

22 July, 2018, 01:04 | Author: Regina Silva
  • Marchionne sends Raikkonen another warning

Mike Manley, head of Jeep and Ram brands, replaced him.

Fiat Chrysler Automobiles and Ferrari CEO Sergio Marchionne is stepping down amid a health crisis.

Ferrari, were Marchionne had been both chairman and CEO, named FCA Chairman and Agnelli family scion John Elkann as new chairman, while board member Louis Camilleri becomes chief executive, the luxury carmaker said in a separate statement.

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 is the man in favour of promoting Sauber rookie Charles Leclerc to the Scuderia in 2019.

In early June, Marchionne made his last major presentation as CEO of Fiat Chrysler.

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Elkann didn't give details of Marchionne's health problems, adding that his "first thoughts go to Sergio and his family". Manley, 54, has been the head of the Jeep brand since 2009 and Ram since 2015.

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

"It has been my privilege to have had Sergio at my side for all these years", Elkann said in asking for respect for Marchionne's privacy at this time.

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 managed to take two ailing companies and return them to profitability. The board will propose at the next Shareholder Meeting that he be elected to the board and serve as an executive director of the company.

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. His global 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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