Mike Manley Named New FCA CEO Amid Marchionne Health Crisis

Roman Schwartz
July 22, 2018

A statement from FCA said: "Fiat Chrysler Automobiles 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 move comes after 66-year-old Marchione suffered serious complications from an operation on his shoulder earlier this month.

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. Ferrari's board has named John Elkann as a new chairman, and will propose to shareholders that Louis C Camilleri be named CEO. "It was a situation that was unthinkable until a few hours ago, and one that leaves us all with a sense of injustice".

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.

Elkann said, "What struck me about Sergio from the very beginning, when we met to talk about the possibility of him coming to work for the Group, even more than his management skills and unusual intelligence, were his human qualities, his generosity and the way he understood people".

Marchionne and Manley
Marchionne has watched Jeep and Ram grow under Mike Manley's leadership

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

In 2015, Marchionne spun off Ferrari; shares of the Italian supercar maker have returned over 150%.

Known for sleeping only briefly each night, Marchionne, who is also a lawyer, was holding multiple leadership roles in the companies, notably as CEO of FCA - Fiat Chrysler Automobiles, as well as CEO and chairman of Ferrrari.

Taking effect immediately, the board has granted Manley all the powers of CEO. He's been heading the Jeep brand since 2009 and has also been running RAM and FCA in the Asia Pacific region. According to FCA's statement, the company will continue with the 2018-2022 Business Plan that was implemented by Marchionne, which is aimed at doubling profits and investing heavily in electric vehicles.

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