ROME (AP) — The Latest on Fiat Chrysler Automobiles CEO Sergio Marchionne (all times local):
Fiat Chrysler Automobiles’ board of directors has recommended that Jeep executive Mike Manley replace seriously ill Sergio Marchionne as CEO of the automaker.
A company statement said the decision was made at an urgently convened board meeting Saturday because Marchionne’s health had suddenly deteriorated following recent surgery and he “will be unable to return to work.”
Marchionne, 66, had already announced he would step down in early 2019, so the board’s decision, to be confirmed at an upcoming shareholders’ meeting, will “accelerate” the CEO transition process.
Marchionne, an Italian-Canadian, joined Fiat in 2004 and led the Turin-based company’s merger with bankrupt U.S. carmaker Chrysler as well as the spin-off of luxury sports car maker Ferrari.
The boards of Fiat Chrysler, Ferrari and CNH Industrial were called to urgent meetings Saturday in Italy in light of executive Sergio Marchionne’s surgery and prolonged convalescence.
The La Stampa daily, the hometown newspaper of Fiat’s headquarters city, Turin, where the boards were summoned to separate meetings, said the huddles were called to discuss who would succeed Marchionne. The 66-year-old Italian-Canadian holds multiple leadership roles in the companies, notably as CEO of FCA — Fiat Chrysler Automobiles.
The CEO of Fiat since 2004, Marchionne has long said he planned to step down in 2019 as CEO of the FCA automobile manufacturer.