Mike Manley replaces Sergio Marchionne as boss of Fiat Chrysler

Andrew Cummings
July 22, 2018

While the company offered no details as to the nature or extent of Marchionne's issues, it says in a statement that the former CEO's health problems have "worsened significantly in recent hours" and he is "unable to return to work".

Known for sleeping only briefly each night, Marchionne, who is also a lawyer, was holding multiple leadership roles in the companies, notably as CEO of FCA - Fiat Chrysler Automobiles, as well as CEO and chairman of Ferrrari. Manley, 54, has been the head of the Jeep brand since 2009 and Ram since 2015.

The health of Sergio Marchionne, long-time boss of carmaker Fiat Chrysler (FCA) (FCHA.MI), worsened on Saturday and he has been replaced as chief executive by Mike Manley, the head of the firm's Jeep division, FCA said in a statement. "It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice", Elkann said in a statement. 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. As CEO, Marchionne has led FCA through multiple plans for profitability, which the automaker has largely delivered on, and spun off Ferrari as a successful standalone business unit. Mr Marchionne also chairs truck and tractor maker CNH industrial.

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.

But Marchionne developed complications following surgery in Italy and his health took a turn for the worse, making the corporate news necessary. "I would ask everyone for their understanding in these circumstances and to respect Sergio's privacy and that of those who are dear to him". 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. He will also assume responsibility for the NAFTA region.

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