Sergio Marchionne Out As FCA CEO Following Complications With Surgery

Fredrick Soto
July 23, 2018

Marchionne was appointed CEO of Fiat in 2004 and orchestrated the shock takeover of Chrysler in 2009.

The board will therefore propose to the next shareholder meeting, to be called in the coming days, that he be elected to the board and serve as an executive director of the company.

The board also recommended one of its own members, Louis Camilleri, to step into the CEO role at Ferrari, with Agnelli family heir John Elkann being named as chairman. He has also been head of Jeep brand since 2009.

But Marchionne told analysts during a big presentation last month that his true legacy at Fiat Chrysler Automotive would be the culture of a corporation where "mediocrity is never, ever worth the trip".

Fiat Chrysler aid on Saturday that boss Sergio Marchionne, 66, would not be returning to work because he was gravely ill.

The merged Fiat Chrysler Automobiles NV makes its debut on the New York Stock Exchange.

Marchionne put Manley in charge of the Ram brand as well as Jeep in 2015.

SUZANNE HEYWOOD The new, British-born chairwoman of CNH Industrial has been since 2016 the managing director of EXOR, the holding company through which the Agnelli family controls FCA.

In June, Marchionne presented a five-year strategy for the company, which included a major investment push to produce more electrified cars.

Maserati and Alfa Romeo.

The passenger-car brands of Fiat and Chrysler have been less profitable. Marchionne is credited with revitalizing both companies and his legacy is one Elkann says should be admired across the corporate world.

The Italian-Canadian always insisted a replacement would come from the ranks of his hand-picked and tested team, managers who met his exacting standards.

Then in apparent reference to Italian autoworkers unions' protests over layoffs and restructuring, Gentiloni added: "Many criticized him, but those who remember the Fiat crisis of 20 years ago realize what courage and vision can do".

Sergio Marchionne, the besweatered and sometimes controversial head of Fiat Chrysler Automobiles, will not return to the helms of FCA, CNH Industrial, and Ferrari after suffering serious complications following shoulder surgery.

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