Fiat Chrysler Automobiles (FCA), Ferrari, and CNH Industrials have announced Sergio Marchionne “will be unable to return to work” due to his worsening health condition due to complications from surgery.

FCA, Ferrari CEO Marchionne steps down due to illness

Marchionne, 66, is considered an automotive industry legend and is widely credited for reviving Chrysler post-US financial crisis. The hardworking chief executive has been known to work long hours and is usually seen wearing a black sweater in lieu of a suit.

Fiat Chrysler, Ferrari CEO Marchionne steps down due to poor health

The FCA board has decided to appoint Jeep and Ram head Mike Manley as its new CEO. He is credited with the sucess of both brands which are the cash cows of the FCA group.

Official FCA announcement:




FCA, Ferrari CEO Marchionne steps down due to illness

Ferrari has erstwhile appointed Exor CEO John Elkann as its new Chairman, and Philip Morris Chairman Louis Camilleri as its new CEO. The pair are expected to be confirmed their new positions at Ferrari's upcoming shareholders meeting.

Official Ferrari announcement:



Another position vacated by Marchionne was as Chairman of truck and tractor maker CNH Industrials. CNH is the holding company of Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions.

Appointed as the new Chairman of CNH was Exor Managing Director Suzanne Heywood. Derek Neilson will continue, in his role as the company's Interim CEO.

Official CNH announcement:




FCA, Ferrari CEO Marchionne steps down due to illness

Exor Chairman John Elkann's official statement:











