In an unexpected developments, Sergio Marchionne has stepped down as CEO of Fiat Chrysler Automobiles with immediate effect. Unexpected complications arose while Marchionne was recovering from a surgery, which have worsened significantly in recent hours, FCA said on Saturday.
The board named Mike Manley as CEO with immediate effect and he’ll also assume responsibility for the NAFTA region. Manley was with Jeep and Ram brands.
FCA further said that Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA’s strong and independent future.
Marchionne also held the Chairman and CEO positions at Ferrari, which have been replaced by John Elkann and Louis C. Camilleri, respectively. Elkann is with Exor, the holding company of FCA and Ferrari, and Camilleri is the Chairman of Philip Morris International and also the board member of Ferrari.
Both companies recognised Marchionne’s extraordinary contribution to the brands.
“Over the past 14 years together we have lived through successes and difficulties, internal and external crises, but also unique and unrepeatable moments, both personal and professional,” said Elkann, the heir of Agnelli family.
July 25th update
Holding company Exor in an official statement announced that Sergio Marchionne (66) has passed away. However, the company didn’t mention the cause of death or the date. According to media reports, Marchionne succumbed to complications from a recent shoulder surgery.
“Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone,” said John Elkann in the statement. “I believe that the best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion,” he added.