MILAN/PARIS (Reuters) - Fiat Chrysler (FCHA.MI) named on Saturday its Jeep division boss Mike Manley to take over immediately from Chief Executive Sergio Marchionne, who is seriously ill after suffering major complications following surgery.
FILE PHOTO: Fiat Chrysler Automobiles CEO Sergio Marchionne leaves at the end of a news conference in Balocco, northern Italy, June 1, 2018. REUTERS/Massimo Pinca/File Photo
The carmaker said British-born Manley, who also takes responsibility for the North America region, will push ahead with the mid-term strategy outlined last month by Marchionne, who had been due to step down next April.
Marchionne, 66, was credited with rescuing Fiat and Chrysler from bankruptcy after taking the Italian carmaker’s wheel in 2004. On Saturday he was also replaced as chairman and CEO of Ferrari (RACE.MI) and chairman of tractor maker CNH Industrial (CNHI.MI) - both spun off from FCA in recent years.
“FCA communicates with profound sorrow that during the course of this week unexpected complications arose while Mr Marchionne was recovering from surgery and that these have worsened significantly in recent hours,” the statement said.
FCA disclosed earlier this month that Marchionne, a renowned dealmaker and workaholic, was recovering from a shoulder operation. But his condition deteriorated sharply in recent days when he suffered massive complications that were not divulged.
Ferrari named FCA Chairman and Agnelli family scion John Elkann as new chairman, while board member Louis Camilleri becomes chief executive. CNH appointed Suzanna Heywood to replace Marchionne as chairman. All three companies remain controlled by the Agnellis.
Marchionne had previously said he planned to stay on as Ferrari Chairman and CEO until 2021.
DEAL FOCUS
One of the auto industry’s longest-serving CEOs, Marchionne has advocated tie-ups to share the growing cost burden
