Fiat Chrysler CEO leaving company due to health issues

Tanya Simon
July 25, 2018

"My first thoughts go to Sergio and his family", wrote Elkann, who praised Marchionne's "human qualities, his generosity and the way he understood people".

"He's a character and an important personality for Formula One, and I've always appreciated sparring with him", Wolff said.

Wolff spoke Saturday, a day before the running of the German Grand Prix in Hockenheim.

Mercedes CEO Dieter Zetsche, whose Mercedes team beat Ferrari on Sunday, said he was pained by the news of Marchionne's failing health.

Ferrari's board on Saturday proposed Louis Camilleri, former chairman of Philip Morris International, as its new CEO to replace Marchionne.

Fiat Chrysler Automobiles' top executive position is changing hands after almost a decade under the leadership of Sergio Marchionne.

Shortly afterward, the company announces a spinoff of luxury brand Ferrari.

Gary Jones, the head of the UAW union, says that his union looks forward to working with Manley as the two sides head into the 2019 negotiations.

In Geneva, the Swiss testing and inspection services group SGS said it had named Peter Kalantzis as acting chairman of its board of directors, adding that it was "deeply saddened" over Marchionne's state of health. The Italian-Canadian was responsible for reversing FCA's seemingly terminal slide into obscurity, returning the company to profitability in 2006. But his condition deteriorated sharply in recent days when he suffered massive complications that were not divulged.

Ailing Marchionne replaced by Elkann as Ferrari chairman

CNH manufactures farm equipment, trucks, buses and other vehicles.

Marchionne was appointed as Fiat Auto's CEO in 2004, and engineered the company's takeover of Chrysler in 2009, after the American company entered a government-backed bankruptcy filing.

John Elkann, a member of the Agnelli family that founded Fiat in 1899, will become Ferrari's chairman.

Altavilla, 54, was a close aide to Marchionne, having overseen Fiat Chrysler operations across the globe.

But Marchionne told analysts during a big presentation last month that his true legacy at Fiat Chrysler Automotive would be the culture of a corporation where "mediocrity is never, ever worth the trip". Fiat started with a 20 per cent stake rising to 58 per cent in 2012 and in 2014 it bought the remaining shares from the UAW creating a wholly-owned subsidiary, and later that year merged both companies into the FCA. He took the driver's seat at Jeep in June 2009 at a time when the USA motor industry in general was battling huge headwinds whipped up by the global financial crisis the previous year.

A Fiat Chrysler spokesman confirmed Marchionne was in Zurich's University Hospital, one of the country's largest medical centers.

"It's an end of an era with the iconic, highly quotable, sweater-wearing Sergio Marchionne stepping down, with significant very concerns about his ailing health", said Rebecca Lindland, executive analyst at Kelley Blue Book.

FIAT Chrysler Automobiles has announced that the head of its Jeep and Ram brands Mike Manley will replace Sergio Marchionne as CEO with immediate effect.

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