Fiat Chrysler names new CEO
ROME: Fiat Chrysler Automobiles (FCA) chief Sergio Marchionne is stepping down due to ill health and will be replaced by Mike Manley, head of the group’s Jeep brand.
Marchionne, 66, has been suffering from serious complications following surgery on his right shoulder last month. The Italian-Canadian executive took the helm at Fiat in 2004 and had already been planning to step down next year.
His duties as head of the luxury carmaker Ferrari will be taken over by Louis Carey Camilleri, chief executive officer of tobacco giant Philip Morris.
Manley, a 54-year-old Briton, has headed Jeep since 2009, as well as pick-up and vans producer Ram since 2015.
In a statement, FCA announced “with great regret that during the week Marchionne suffered unexpected complications as he was getting over an operation, which over the past few hours has worsened considerably.
“As a result, Marchionne will be unable to return to work.”
Replacing Marchionne as chairman of CNH Industrial will be Briton Suzanne Wood.
The Jeep brand has thrived under Manley’s stewardship. Sales have soared from 337,000 units in 2008 — 80 per cent in North America — to 1.4 million last year.
Analysts at Morgan Stanley estimate that Jeep will this year account for some 70 per cent of overall group profit.
The premium brand is key to a five-year FCA plan unveiled by Marchionne last month to increasingly focus develop on hybrid and electric vehicles.
FCA’s chairman John Elkann will become Ferrari’s chairman.