Mike Manley new Fiat CEO - Marchionne steps down due to health reasons

Fiat Chrysler named on Saturday its Jeep division boss Mike Manley to take over immediately from Chief Executive Sergio Marchionne, who is seriously ill after suffering major complications following surgery.

Turin’s Stampa reports that Manley has been board member at the group since September.

The decision was made by board members of FCA, Ferrari and CNH Industrial.

– With reference to the health of Sergio Marchionne, 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 reported by Reuters.

The statement says that “Marchionne will be unable to return to work”.

Manley will push ahead with the mid-term strategy outlined last month by Marchionne.

Stampa reports that Marchionne, 66, who took over Fiat in 2004, was due to step down next April after the GM confirmed the 2018 financial report, while remaining Ferrari Chairman and CEO.

Ferrari, however, named Louis Camilleri the new chief executive and Agnelli family scion John Elkann as new chairman.

Corriere della Sera previously reported that Marchionne had been operated on in Switzerland three weeks before, with media reports indicating that the recovery was taking longer than expected.

FCA Srbija Kragujevac

Fca S.p.A. Italija

Ferrari SpA Maranello

CNH Industrial Velika Britanija

Fiat Chrysler Automobiles

Mike Manley

Fiat

Sergio Marchionne

Louis Camilleri

John Elkann

Gianni Agnelli

Jeep

new Fiat CEO