Fiat Appoints Mike Manley, Jeep Chief, to Replace Marchionne, CEO in Trouble

MILAN: Fiat Chrysler Automobiles NV has named Mike Manley to head its Jeep and Ram brands, replacing Sergio Marchionne, after the complications of shoulder surgery have prevented the 66-year-old leader from go back to work.

The sudden departure of the executive that saved both Fiat and Chrysler and then forged a profitable transatlantic operation also led to the selection of new leaders of Ferrari NV and CNH Industrial NV, who were seconded from Fiat during Marchionne 14- year, companies said Saturday.

Manley, a 54-year-old Briton, is behind the extraordinary success of the Jeep brand's global expansion. It will start immediately, Fiat Chrysler said in a statement. Manley joined Chrysler in the United Kingdom in 2000 when the builder was part of Daimler. He was appointed head of Jeep at the time of the Fiat acquisition in 2009, and led the transformation of the iconic American brand into an ATM machine.

Analysts estimate that the only Jeep could be worth the total value of $ 35 billion Fiat Chrysler.

Marchionne's health has been "significantly aggravated in recent hours", and he will be unable to return to work, the company said. The executive was expected to retire in April 2019. His illness accelerated the timing of an estate decision that was already considered a crossroads for the company. Naming Manley at the head of the company is only the first of a number of crucial choices for President John Elkann, heir to the founding family Agnelli. "I am deeply saddened to learn Sergio's state of health," said Elkann in a separate statement.