Published: Mon, July 23, 2018
Sports | By Brett Lawson

Fiat Chrysler To Replace Ill CEO

Fiat Chrysler To Replace Ill CEO

The board granted Manley with all the powers of CEO until the next shareholder meeting can be called in the coming days to confirm his appointment. Marchionne will be unable to return to work.

The CEO of Fiat since 2004, Marchionne has long said he planned to step down in 2019 as CEO of the FCA automobile manufacturer.

Marchionne, a 66-year-old Italian-Canadian, joined Fiat in 2004 and led the Turin-based company's merger with bankrupt USA carmaker Chrysler.

Marchionne, 66, a native of Chieti, Italy, wont return to the Italian-American automaker or at race auto manufacturer Ferrari NV after he has been out for several weeks for a health matter, FCA says.

Marchionne has run Fiat for 14 years, and in that time turned the struggling Italian automaker around and hitched its fortunes to then-bankrupt Chrysler, itself fresh off the disastrous marriage to Daimler and a rough stint at the hands of private equity behemoth Cerberus.

The passenger-car brands of Fiat and Chrysler have been less profitable.

Under his watch, Jeep's global sales have quadrupled, and the brand is within reach of selling 1 million vehicles in the US for the first time this year.

The surgery was widely reported to be shoulder surgery about three weeks ago.

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Almost 6 million Syrians - or roughly a quarter of the country's pre-war population - are now refugees outside their own country. Israel had earlier raised alarms that the Syrian government would allow the presence of Iranian troops along its frontiers.

Fiat Chrysler's board on Saturday named the head of the company's Jeep division, Mike Manley, as CEO and said Marchionne would not return after complications from a surgical procedure earlier this month.

"I am profoundly saddened to learn of Sergio's state of health", said FCA chairman John Elkann in a separate statement. "My first thoughts go to Sergio and his family".

CNH Industrial, of which Marchionne was also the chairman, has named Suzanna Heywood to replace him. His global background meant that he was perfectly-qualified to work for the tobacco firm, which he joined in 1978 as a business development analyst and four years later became the company's director of business development and planning.

Analysts praised the choice of Manley even as they noted the challenges he will face.

In October 2015, Manley was also was given responsibility for the Ram brand.

Brands that have been driving the company's revenues include Jeep SUVs, Ram trucks and the premium brands, Maserati and Alfa Romeo.

The sudden departure of Ferrari's president, Sergio Marchionne, from Fiat-Chrysler due to health issues leaves a lot more questions than answers for the Ferrari F1 team and Formula 1 in general.

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