Fiat Chrysler replaces CEO Sergio Marchionne for well being reasons

FCA CEO Sergio Marchionne Image copyright Reuters Image caption Sergio Marchionne has led Fiat Chrysler for greater than a decade

The lengthy-time chief government of carmaker Fiat Chrysler, Sergio Marchionne, has been changed as a result of ill health.

His health worsened in recent days after he suffered complications from surgical treatment on his right shoulder.

Mr Marchionne, 66, has led the combined corporate for greater than a decade and planned to step down as CEO subsequent year.

He can be changed by way of Mike Manley, the top of the Italian-American corporate’s Jeep department.

“Sudden headaches arose even as Mr Marchionne used to be getting better from surgical procedure and… these have worsened significantly in up to date hours,” Fiat Chrysler said in a statement on Saturday.

“The Board resolved to accelerate the CEO transition process that has been continuing over the earlier months.”

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Mr Marchionne used to be also chairman and CEO of Ferrari. The sports activities automotive maker additionally introduced a replacement, naming Fiat Chrysler chairman John Elkann as his successor.

In a statement, Mr Elkann stated he was once “profoundly saddened” through the situation.

“He taught us to think in a different way and to have the braveness to modify, frequently in unconventional tactics, always acting with a sense of responsibility for the firms and their folks,” he said of Mr Marchionne.

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