Fiat: Sergio Marchionne is no longer able to work

Stand: 17:29 | Reading time: 4 minutes

F iat has a new boss.The reason: Sergio Marchionne, the director who saved the Italian automaker from the bankrupt and internationalized, must make the company's direction for health reasons surprising. In fact, the 66-year-old man should stay in his position until 2019. It's the end of an era for the company.

However, over the weekend, the company's management stated that Marchionne could not return to work due to unexpected complications of shoulder surgery. The company's supervisory board has appointed Mike Manley, 54, to his successor. He is a long time company manager and since 2009 he is the head of the Jeep brand.

It's a drama that no one was expecting. Marchionne had undergone a right shoulder surgery in Switzerland on June 28th. "I'll be gone for a few days, there is no need to change all the appointments," he told his team earlier, according to Italian newspapers. However, there were complications during the procedure.

A letter as an obituary

Initially, doctors always managed the problems. But Marchionne's health deteriorated rapidly last week. Already there were rumors that the Supervisory Board is looking for a successor to the director. Finally, on Friday, John Elkann, president of Fiat and member of the Agnelli family, went to Zurich to see Marchionne.

During the visit, he "understood that Sergio will not return to work," writes Elkann in a statement released Saturday. He also writes about his friendship with Marchionne. He is deeply saddened by his health, says Elkann. "It's a situation that would have been unthinkable until a few hours ago, leaving us all with a sense of unfairness." It reads like an obituary.

Brite Manley, who will now take over the leadership of the group, has been working in the automotive industry since the age of 22. In 2000, he joined Daimler Chrylser, in 2009, he was appointed head of the Jeep brand. Three years ago, he also took over the Ram brand, which specializes in the production of vans and vans. Today, both brands are also thanks to Manley's leadership at the most successful Fiat Chrysler.

In addition to his function of Fiat Chrysler, Marchionne also served as President and CEO of the Ferrari subsidiary. Functions that he should continue to exercise even after his departure as CEO in 2019.

But these tasks were also transferred to new managers, as Ferrari announced on Saturday: The Board of Directors Watch named John Elkann president of Ferrari and Louis C. Camilleri as new CEO. where he was until now Chairman of the Supervisory Board. Fiat Chrysler's CNH Industrial division, which manufactures trucks and construction equipment, where Marchionne also serves as CEO, takes over from Suzanne Heywood, CEO of Derek Neilson.

350% price increase

Marchionne remains the great hero of Fiat. In 2004, he took the direction of Luca di Montezemolo. At the time, the Italian automaker was about to go bankrupt. Marchionne but started with the renovation. In 2009, he drove Fiat with the equally defeated American competitor Chrysler together.

At Daimler, the merger with Chrysler was a wedding in paradise a few years earlier. The marriage then became hell, which followed the separation after a few years. Between Fiat and Chrysler, living together seems to work. Since the merger, the value of the stock has increased by almost 350% – and therefore more than any other company in the industry.

Lately, Marchionne announced the release of the Group's debt at the end of June. Its recently announced strategy for the next five years, in addition to the development of electric and hybrid cars, focuses on the Alfa Romeo, Maserati, Ram and especially Jeep brands. At the time of Marchionne at Fiat Chrysler, however, allegations also fall in Germany and the United States, according to which the automaker also should have cheated in measuring emissions. The group has always rejected that.