Ailing Marchionne replaced by Elkann as Ferrari chairman

Lloyd Doyle
July 21, 2018

As its Chairman and CEO, Marchionne has been the man also guiding Ferrari's destiny since 2014, as well as the very determined and vocal representative of the Scuderia in its active negotiations with Formula 1 to format the sport's 2021 regulations.

Fiat-Chrysler and Ferrari boss Sergio Marchionne could soon step down from his executive positions following an imminent decision by the Italian automotive group's board of directors. Ferrari's board has named John Elkann as a new chairman, and will propose to shareholders that Louis C Camilleri be named CEO.

"With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. 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". As a outcome, Mr. Marchionne will be unable to return to work.

Elkann didn't give details of Marchionne's health problems, adding that his "first thoughts go to Sergio and his family".

FCA said this month that Marchionne, who held joint Italian and Canadian citizenship and was described by those who worked with him as a workaholic, had undergone shoulder surgery and was in recovery but then his situation deteriorated.

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

"The succession plans we have just announced, even if not without pain from a personal point of view, mean we can guarantee the maximum possible continuity, preserving our companies' unique cultures".

Marchionne has overseen numerous changes that have returned Ferrari to success in recent years and was heavily involved in decisions on driver line-up and the team's overall direction.

Other reports by Iphone Fresh

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