Fiat Chrysler Automobiles has confirmed that 66-year-old Sergio Marchionne has been replaced as CEO of the automotive giant due to “unexpected complications” following surgery.
Jeep boss Mike Manley has been granted “all the powers of CEO” of FCA.
“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,” FCA said in a statement.
“As a consequence, Mr. Marchionne will be unable to return to work.”
The board of directors “firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the company in these years”.
“The board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. 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.
“In the meantime, in order to provide for his full authority and operational continuity for the company, the board has with immediate effect granted Mr Manley all the powers of CEO. He will also assume responsibility for the NAFTA region,” the statement added.
Ferrari, meanwhile, announced that its board had named John Elkann as chairperson and would propose to shareholders that Louis C. Camilleri be named CEO.
