FCA board recommends Jeep exec. replace Marchionne

Lloyd Doyle
July 22, 2018

"My first thoughts go to Sergio and his family".

FCA's board of directors met today to accelerate the CEO transition process in response to the news of Marchionne's health complications. 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. Marchionne became Fiat's CEO in 2004, overseeing the merger with Chrysler to create FCA.

From a Ferrari point of view the development is significant, with Marchionne having been influential in discussions with Formula 1 owners Liberty Media about the future direction of the sport, while also being central to Alfa Romeo's return to the sport as title sponsor of Sauber.

Mike Manley, head of the Jeep brand, speaks the Los Angeles Auto Show in Los Angeles, California U.S. November 29, 2017. His credentials include running the profitable Jeep and Ram brands and he also built the company's presence in Asia.

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 vehicle maker.

Elkann, who is the grandson and chosen heir of former Fiat boss Gianni Agnelli, issued the following statement. "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".

A company statement said the decision was made at an urgently convened board meeting Saturday because Marchionne's health had suddenly deteriorated following recent surgery and he "will be unable to return to work".

As a outcome, Mr. Marchionne will be unable to return to work.

The boards of Fiat Chrysler, Ferrari and CNH Industrial were called to urgent meetings Saturday in Italy in light of executive Sergio Marchionne's surgery and prolonged convalescence.

While Manley's position is only temporary, FCA's Board of Directors will goal electing him to the board and making him the company's next executive director.

In the meantime, Manley has been given full authority to act with all the powers of the CEO in Marchionne's absence.

Other reports by Iphone Fresh

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