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Turin (dpa) – Patron of Fiat Chrysler Sergio Marchionne must abandon the direction of the Italian-American car manufacturer for health reasons.
Following a shoulder surgery, there were unexpected complications that would have worsened significantly over the past few hours, [Fiat said Chrysler on Saturday. The 66-year-old man was unable to resume his job as president and CEO of the Ferrari girl, according to a Ferrari statement.
The management of Fiat Chrysler now takes control of Mike Manley, who has been part of the automaker's executive for many years and was previously responsible for the Jeep brand. The new president of Ferrari will be John Elkann, a member of the Agnelli family and president of Fiat. For the CEO of Ferrari, the Supervisory Board has appointed Louis C. Camilleri, who previously held, among other positions, executive positions in the multi-tobacco Philip Morris.
There have been rumors since Friday that senior leaders facing the health of Italian-Canadian lawyers are looking for a successor. "I am deeply saddened to learn about Sergio's health," explained Elkann. "It's a situation that would have been unthinkable for a few years, leaving us all with a sense of unfairness."
Marchionne did not want to give up his position at Fiat Chrysler until 2019, as his offices at Ferrari were not known.
Marchionne moved to Fiat in 2004 when the company was about to collapse. Ten years later, he led the recovery of his American competitor Chrysler. Since the merger in the fall of 2014, the value of the stock has increased by almost 350% – and therefore more than any other company in the sector. As a basic legacy of Marchionne is also the focus on niche brands.
At the end of his career in the company, Marchionne had reached his last major goal and announced the release of the company's debt by the end of June. His recent strategy for the next five years is to focus on the Alfa Romeo, Maserati, Ram and especially Jeep brands.
During the time of Marchionne at Fiat Chrysler, the allegations also fell, according to which the automaker also should have cheated on the broadcasts. The corresponding allegations were not only in the United States, but also in Germany. The manufacturer has always rejected that.
FCA Announcement on the Appointment of Mike Manley, English
Statement by John Elkann, English
Ferrari Communication, English
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