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Fiat Chrysler Boss Sergio Marchionne Exits Amid Health Crisis: Sources

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Marchionne is credited with rescuing Fiat and Chrysler from bankruptcy.MILAN/PARIS: Fiat Chrysler boss Sergio Marchionne is to be replaced permanently at the helm of the global carmaker as well as Ferrari, after suffering serious complications from surgery, people with knowledge of the matter said on Saturday.The boards of Fiat Chrysler (FCA), Ferrari and CNH Industrial, the truck and tractor maker Marchionne also chairs, were meeting on Saturday and may name his successors the same day, two sources said.Spokespeople for FCA and Ferrari declined to comment.Marchionne, credited with rescuing Fiat and Chrysler from bankruptcy since taking the wheel at the Italian carmaker in 2004, had been due to step down from the combined group next April.

His internal successor had yet to be named.FCA said earlier this month that Marchionne had undergone shoulder surgery and was in recovery.

But the 66-year-old has since suffered "massive" and serious complications, according to the sources.The group's Chief Financial Officer Richard Palmer, Europe chief Alfredo Altavilla and Jeep brand boss Mike Manley are often cited among possible successors.At luxury carmaker Ferrari, spun off by FCA in 2016, board member Louis Camilleri is now likely to replace Marchionne as CEO, one source said.

Marchionne had previously said he planned to stay on as Ferrari Chairman and CEO until 2021.Camilleri's likely appointment was first reported by Automotive News, which also said FCA Chairman and Agnelli family scion John Elkann would be Ferrari's new chairman.

The Agnelli family still controls all three companies.The boards of FCA, Ferrari and CNH are expected to issue separate statements after all three meetings have concluded.On Friday, FCA denied a report by Italian website Lettera43 that Elkann had summoned top executives to a meeting on Saturday in order to reassign Marchionne's responsibilities.© Thomson Reuters 2018(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)




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