Sergio Marchionne stepping down as CEO of Fiat Chrysler

Irving Hamilton
July 21, 2018

"Marchionne will be unable to return to work".

Marchionne, an Italian-Canadian, joined Fiat in 2004 and led the Turin-based company's merger with bankrupt USA carmaker Chrysler as well as the spin-off of luxury sports auto maker Ferrari.

Though he has ruffled feathers at Maranello, Marchionne has been instrumental in seeing the Italian team's revival as it once again becomes a serious title contender, at the same time he has bought the legendary Alfa Romeo name back to F1.

Marchionne had previously said he planned to stay on as Ferrari Chairman and CEO until 2021.

Elkann didn't give details of Marchionne's health problems, adding that his "first thoughts go to Sergio and his family".

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"It has been my privilege to have had Sergio at my side for all these years".

"Unexpected complications arose while Mr Marchionne was recovering from surgery and. these have worsened significantly in recent hours", Fiat Chrysler said in a statement on Saturday. As a outcome, Mr. Marchionne will be unable to return to work.

"The Board of Directors of FCA, meeting today, 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".

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. While the board had given Manley all the powers of CEO "with immediate effect", the move will need to be approved by a meeting of shareholders. He will also assume responsibility for the NAFTA region. Manley will continue to implement that business plan, according to the company.

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