Sergio Marchionne Out As FCA CEO Following Complications With Surgery

Anna Jefferson
July 23, 2018

Fiat Chrysler Automobiles named Mike Manley, the head of its Jeep and Ram brands, to replace ailing CEO Sergio Marchionne at the helm of the world's eighth-largest automaker, according to Reuters.

It remains to be seen where the respective new executives will steer the company in the coming years now the roles have been separated out but Ferrari says it has given Camilleri "the necessary powers to ensure the continuity of the company's operation". Unfortunately, these complications have "worsened significantly in recent hours" and the company has confirmed he won't be able to return to work.

Manley also faces the test of meeting rigorous fuel-economy standards in Europe and China, along with managing through political uncertainty in Italy, and trade fears in the NAFTA zone and between the USA and European Union - both important areas for Fiat Chrysler.

With Manley at the helm, Jeep - dubbed one of America's top three most patriotic brands in a Brand Keys study published last month - has more than trebled sales, breaking through the one million mark previous year and becoming the main driver of profits for the entire FCA group.

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Mr Marchionne was also chairman and CEO of Ferrari.

La Gazzetta dello Sport said Marchionne has been in a hospital in Zurich for over three weeks, due to complications following shoulder surgery.

Having joined the United Kingdom division of what was then Daimler Chrysler in 2000 as a distribution networks specialist, Manley broadened his global experience by becoming chief operating officer of Chrysler's Asia-Pacific operations.

CNBC has a letter sent out by company president John Elkann to employees breaking the news, one he calls "without a doubt the most difficult" he's ever written.

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Longtime head of Fiat Chrysler Automobiles, Sergio Marchionne, remains in intensive care. CNH Industrial declined 2.9 percent, while Exor, the holding company of Fiat's founding Agnelli family, was down 4 percent.

Marchionne is passionate about the Ferrari racing team, and even after his planned retirement from Fiat Chrysler he had said he wanted to stay at the helm of the sports vehicle company with the iconic horse symbol for a few more years. Manley likely did not know he was the chosen one as Marchionne had told reporters repeatedly that the new CEO would be told at the last minute.

Marchionne will also be remembered for his unapologetically blunt approach to both management and addressing the media, as well as his outspoken opinions regarding the automotive industry.

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