Ailing Marchionne replaced by Elkann as Ferrari chairman

Cornelia Mascio
Luglio 22, 2018

Fiat Chrysler Automobiles has confirmed that Sergio Marchionne, the chairman and CEO of both FCA and Ferrari, will not return to work after suffering health complications following surgery.

As a result of the unexpected developments, the Fiat board elected to fast-track a succession plan that was originally being put in place for the end of this year when Marchionne had been due to step down. Ferrari said Louis Camilleri of Philip Morris International will take over as CEO.

Marchionne is the man in favour of promoting Sauber rookie Charles Leclerc to the Scuderia in 2019.

The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. Manley, 54, has been the head of the Jeep brand since 2009 and Ram since 2015. "It was a situation that was unthinkable until a few hours ago, and one that leaves us all with a sense of injustice".

A Ferrari statement said the company had learned of Marchionne's condition "with deep sadness" and thanked him for "the extraordinary contribution he has made in recent years at the helm of Ferrari". He asked everyone to respect Marchionne's "privacy and that of all those who are dear to him".

Elkann is the grandson of Gianni Agnelli, and serves as chairman and CEO of EXOR, the holding and investment company owned by the Agnelli and Elkann families. A Fiat Chrysler sign is seen outside the Chrysler World Headquarters in Auburn Hills, Mich., in this file photo.

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. Marchionne became Fiat's CEO in 2004, overseeing the merger with Chrysler to create FCA. His worldwide 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.

Brands that have been driving the company's revenues include Jeep SUVs, Ram trucks and the premium brands, Maserati and Alfa Romeo.

Marchionne's tenure also has been controversial at times.

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