Jeep exec takes over at Fiat Chrysler
Mike Manley to replace ailing Sergio Marchionne as company’s CEO
ROME— Fiat Chrysler Automobiles announced Saturday that CEO Sergio Marchionne’s health had suddenly deteriorated following surgery, and that its board of directors had chosen Jeep executive Mike Manley to replace him.
Marchionne, a 66-year-old Italian-Canadian, joined Fiat in 2004.
He led the Turin-based company’s merger with bankrupt U.S. carmaker Chrysler.
Manley, 54, had been heading the Jeep brand since June 2009 and the Ram brand since October 2015.
The announcement, at the end of an urgently convened board meeting, marked the end of the busy Marchionne era, which included the turnaround of failing Fiat, the takeover of bankrupt U.S. automaker Chrysler and the spinoffs of the heavy machinery and truck maker CNH and supercar maker Ferrari.
Fiat Chrysler said in a statement that due to his deteriorating health, Marchionne “will be unable to return to work.”
Marchionne, 66, had already announced he would step down in early 2019, so the board’s decision, to be confirmed at an upcoming shareholders’ meeting, will “accelerate” the CEO transition process, the statement said. The England-born Manley had been one of Marchionne’s closest collaborators at the group.
In a previous role, he had been responsible for product planning and all sales activities outside of North America.
Marchionne was reported to have had surgery for a shoulder problem about three weeks ago.
Fiat is considered a close-knit family, and FCA chairman John Elkann said he was “profoundly saddened” to learn of Sergio’s state of health.
“It was a situation that was unthinkable until a few hours ago, and one that leaves us all with a sense of injustice,” Elkann said.