Fiat Chrysler and Ferrari have announced that Sergio Marchionne won’t return to his role from his health leave after severely falling ill.
The automobile company didn’t divulge into the details of Marchionne’s health issues, but had revealed about a shoulder surgery earlier this month. In a statement released, the Board of Directors thanked Marchionne for all his work and wished for a speedy recovery.
In addition, they named John Elkann as the new Chairman of Ferrari and stated that they will propose to the shareholders to make Louis C. Camilleri as the new CEO – Marchionne held the position of Chairman and CEO together.
The statement from Ferrari read: “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.
“The Board’s thoughts are with Sergio Marchionne and his family and it is grateful for the extraordinary contribution he has made in recent years at the helm of Ferrari. The Board has named John Elkann as Chairman and will propose to Shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO.
“The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of the company’s operation.”
At Fiat Chrysler, Marchionne will be replaced by Mike Manley as the new CEO. “With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.
“As a consequence, Mr. 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.
“The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. 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.
“In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.
“Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on 1 June this year, a plan that will further assure FCA’s strong and independent future.”
While the changes has been made already, it remains to be seen how it affects the racing side, especially in Formula 1 where it runs the factory team, while provides engines to several outfits and also has an extended deal between its brand, Alfa Romeo and Sauber.
