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FCA CEO Sergio Marchionne replaced due to bad health

Fiat Chrysler Automobiles (FCA) has announced that their CEO, Sergio Marchionne would be unable to continue work due to unexpected complications that arose after a recent surgery. Mike Manley, head of Jeep and Ram trucks, NAFTA region, has been appointed as the CEO.

Marchionne was appointed as CEO in 2004. He is credited with saving Chrysler in 2009 from bankruptcy and increasing the market value of Fiat from US $7.5 billion to around US $71.5 billion (combined market value of Fiat, Chrysler and Ferrari) in the 14 years that he served the company. The 66-year-old was scheduled to step down in 2019.

A statement released by FCA reveals that the 2018-2022 business plan presented earlier this year would be implemented as planned. At the next shareholder meeting, the company board will call for Manley to be elected as the executive director of the company.

The Ferrari board also expressed their thoughts with the Chairman and CEO of the Italian sportscar maker. John Elkann is named as the Chairman and in an upcoming meet with the shareholders, Louis C Camilleri will be proposed as the next CEO.

Source: NY Times

 
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