Thursday, 16 August, 2018

FCA CEO Sergio Marchionne Leaves Post Amid Health Crisis

Fiat Chrysler chief Marchionne set to be replaced following health issue Marchionne could leave Ferrari earlier than expected!
Priscilla Morrison | 22 July, 2018, 01:06

Having overseen the merger of Fiat and Chrysler, Marchionne has overseen the firm's decision to focus on premium brands such as Jeep and Alfa Romeo ahead of Fiat and Chrysler themselves.

Marchionne had shoulder surgery three weeks ago, and his recovery is taking longer than expected because of unexpected complications, according to a statement from the company.

"Marchionne will be unable to return to work".

"The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years".

Reports suggest the Fiat-Chrysler board's decision to accelerate Marchionne's succession plan is rooted in a medical condition from which the 66-year-old manager is now suffering, and which could bring forth a departure initially scheduled for later this year.

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In a statement, Mr Elkann said he was "profoundly saddened" by the situation. Marchionne has stated in the past his desire to step down as FCA CEO sometime in 2019.

This has also prompted succession plans at sportscar maker Ferrari and truck and tractor maker CNH Industrial, spun off from FCA in recent years. Marchionne managed to take two ailing companies and return them to profitability. Elkann went on to describe Marchionne as a mentor, true friend and an "enlightened leader" with unusual intelligence. "For me, he has been someone with whom to share thoughts and in whom to trust, a mentor and above all a true friend". He likes to quote poets and philosophers in corporate speeches and the audiophile often plays his own soundtracks ahead of press conferences and earnings calls.

"He taught us to think differently and to have the courage to change, often in unconventional ways, always acting with a sense of responsibility for the companies and their people", he said of Mr Marchionne.

Marchionne took over as president of Ferrari in 2014 from Luca Di Montezemolo, who served more than 20 years in the role. Manley likely did not know he was the chosen one as Marchionne had told reporters repeatedly that the new CEO would be told at the last minute.

Marchionne has overseen numerous changes that have returned Ferrari to success in recent years and was heavily involved in decisions on driver line-up and the team's overall direction.

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Illness forces Marchionne out of Ferrari Marchionne, who was also Chairman and CEO of FCA, had been running Ferrari since taking over from Luca de Montezemolo in 2014. Elkann didn't give details of Marchionne's health problems, adding that his "first thoughts go to Sergio and his family".

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