Ailing Marchionne Replaced as Ferrari CEO by Former Tobacco Executive

Mike Manley appointed head of FCA

Ailing Marchionne Replaced as Ferrari CEO by Former Tobacco Executive

News just in, Mike Manley has replaced Sergio Marchionne as FCA boss, after the latter was said to be unable to resume work due to serious complications following a surgery. "The company is in great hands with Mike Manley at the wheel and it's wonderful news for the dealer body".

As its Chairman and CEO, Marchionne has been the man also guiding Ferrari's destiny since 2014, as well as the very determined and vocal representative of the Scuderia in its active negotiations with Formula 1 to format the sport's 2021 regulations.

John Elkann, the scion of the Agnelli family that controls Fiat, is named chairman of Ferrari, while Louis Carey Camilleri has become chief executive.

Marchionne is understood to have undergone shoulder surgery recently.

"Marchionne will be unable to return to work", the statement said. Marchionne also served as CEO for Ferrari.

Manley, 54, a native of England, has headed Jeep since 2009 and the Ram brand since 2015. Another top contender was Richard Palmer, the chief financial officer.

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"I am profoundly saddened to learn of Sergio's state of health". "It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice".

In a separate statement, Ferrari paid tribute to "the extraordinary contribution" Marchionne had made to the firm.

One of the auto industry's most visionary bosses, Sergio Marchionne, has been forced to step down early with illness at the vehicle giant Fiat Chrysler Automobiles (FCA). Marchionne managed to take two ailing companies and return them to profitability. According to FCA's statement, the company will continue with the 2018-2022 Business Plan that was implemented by Marchionne, which is aimed at doubling profits and investing heavily in electric vehicles. He asked everyone to respect Marchionne's "privacy and that of all those who are dear to him".

The brand also grew internationally, especially in China, under Manley. He likes to quote poets and philosophers in corporate speeches and the audiophile often plays his own soundtracks ahead of press conferences and earnings calls.

At the time, Marchionne said Fiat was poised to eliminate its debt.

Elkann said because of the succession plans in place, there will be a smooth transition.

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