Ailing Marchionne replaced by Elkann as Ferrari chairman
23 July, 2018, 18:41 | Author: Corey Lynch
Marchionne, 66, was credited with rescuing Fiat and Chrysler from bankruptcy after taking the wheel at the Italian carmaker in 2004.
After an emergency board meeting Fiat Chrysler (FCA) has appointed Mike Manley, previously head of Jeep and RAM, as its acting CEO effectively immediately.
"The Board of Directors of Ferrari NV learned with deep sadness during its meeting today that Chairman and CEO Sergio Marchionne will be unable to return to work", a Ferrari statement read.
LOUIS CAMILLERI The new Ferrari CEO was already a board member at the luxury sportscar maker before his latest appointment.
In a letter made public on Sunday that Elkann sent to FCA employees, he wrote that Marchionne has "unfortunately experienced complications that have worsened in recent hours". "He will also assume responsibility for the NAFTA region", the statement added. He will be tasked with implementing FCA's five-year plan spearheaded by Marchionne and announced in June.
FCA didn't give details about Marchionne's medical condition, which was reported to be surgery for a shoulder problem three weeks ago.
Indeed, Marchionne split the Maranello manufacturer into a separate trading company, resulting in a considerable financial return for the Agnelli family and other shareholders.
Having joined the United Kingdom division of what was then Daimler Chrysler in 2000 as a distribution networks specialist, Manley broadened his global experience by becoming chief operating officer of Chrysler's Asia-Pacific operations.
He had been heading the Jeep brand since June 2009 and the Ram brand from October 2015. Along with FCA, the companies are controlled by Italy's Agnelli family.
The boards of Ferrari and CNH Industrial, which makes heavy machinery and trucks, were also called to emergency meetings Saturday in Turin, Fiat's headquarters. He created shareholder value for the Fiat-founding Agnelli family with successful spinoffs of Fiat's heavy vehicle maker CNH Industrial and of the iconic Ferrari super sports auto company.
Marchionne will also be remembered for his unapologetically blunt approach to both management and addressing the media, as well as his outspoken opinions regarding the automotive industry. That massive growth was helped along by Fiat's daring 2009 merger with flagging American automaker Chrysler.
Ferrari NV, with Marchionne as chairman, begins trading in NY with a market value of about $10 billion.
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