Sergio Marchionne to be replaced at Fiat-Chrysler due to health issues

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The Financial Times reports that Sergio Marchionne will be replaced immediately at carmaker Fiat-Chrysler after suffering serious complications following shoulder surgery several weeks ago, the company has announced. Jeep boss Mike Manley will take over as chief executive of FCA because Mr Marchionne is unable to return to work, FCA said following a board meeting on Saturday.

“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,” a spokesman said.

“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.”

Mr Marchionne’s sudden departure brings an abrupt end to an illustrious career that has seen him transform Fiat from a loss making minnow into a global automotive giant, merging with Chrysler and spinning off Ferrari and CNH to create billions of pounds for the controlling Elkann family and other shareholders in the process.

The company said the departure would have no impact on the midterm plan announced in June to more than double profits by 2022, and invest €9 bn into electric cars.

Read more on The Financial Times.

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