Marchionne replaced as FCA Group boss due to ill health

Fiat Chrysler names new CEO to replace ailing Marchionne

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.

The premium brand is key to a five-year FCA plan unveiled by Marchionne in June to increasingly focus develop on hybrid and electric vehicles. Marchionne has stated in the past his desire to step down as FCA CEO sometime in 2019.

Kent-born Manley joined DaimlerChrysler in 2000, taking over as boss of Jeep in 2009.

Sergio Marchionne, the CEO of Fiat Chrysler Automobiles (FCA), has been replaced with immediate effect from his position with the company due to serious and unforeseen complications from a recent surgery he had underwent, according to a statement from FCA. Camilleri previously held the title of Philip Morris International chairman, a company with a strong and lengthy link with Ferrari, and is a member of the Ferrari board.

John Elkann, grandson of Gianni Agnelli and chairman of the company that controls FCA, said the family was shocked by Marchionne's failing health.

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




McLaren team chief Zak Brown told reporters: "Sergio did an unbelievable job in the whole Fiat business -- he is an outspoken character, fighting his corner hard for Ferrari,"aa dding he hoped his successor would continue to see the value of Formula One for Ferrari".

"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.

Marchionne's overarching goal had been to turn Ferrari into a luxury company beyond cars to further leverage the brand.

Fiat Chrysler Automobiles' board of directors has recommended that Jeep executive Mike Manley replace seriously ill Sergio Marchionne as CEO of the automaker. A statement from Ferrari added that he would not be able to return to work.

Marchionne was the CEO of Fiat when he brought Chrysler out of bankruptcy in 2009. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.

Analysts said that choosing the 54-year-old Manley, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan.

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