Breaking: Sergio Marchionne Out As FCA And Ferrari CEO Following Complications With Surgery

Fiat Chrysler Automobiles CEO Sergio Marchionne has experienced “unexpected complications” following surgery. Unfortunately, these complications have “worsened significantly in recent hours” and the company has confirmed he won’t be able to return to work.

Following an emergency board meeting earlier today, FCA resolved to accelerate the CEO transition process that has already been looking for Marchionne’s replacement as he planned to retire next year. In the meantime, Mike Manley has been named acting CEO.

While Manley’s position is only temporary, FCA’s Board of Directors will purpose electing him to the board and making him the company’s next executive director. This will occur at the next shareholder’s meeting which will be “called in the coming days.”

 

New FCA CEO Mike Manley

 

In a statement, John Elkann – the Chairman of the Exor investment group and the heir to the Agnelli family – said “I am profoundly saddened to learn of Sergio’s state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice.” Elkann went on to describe Marchionne as a mentor, true friend and an “enlightened leader” with unusual intelligence.

Elkann said it has been a “privilege to have had Sergio at my side for all these years” as the two have worked closely together for the past 14 years. He noted they have “lived through successes and difficulties” and have experienced “unique and unrepeatable moments, both personal and professional,” during this time.

As for the succession plan, Elkann said it will “guarantee the maximum possible continuity, preserving our companies’ unique cultures.” He also asked everyone for their “understanding in these circumstances and to respect Sergio’s privacy.”

Speaking of the succession plan, Manley was considered to be one of the leading candidates to replace Marchionne before today’s events. He has been the head of Jeep since 2009 and the head of Ram since 2015. Both brands have experienced enormous success under his leadership and he has had an impressive career ever since he joined what was then DaimlerChrysler in 2000.

Update – Marchionne leaving Ferrari as well

Besides being the head of FCA, Marchionne was Chairman and CEO of Ferrari.  The Italian automaker has now confirmed, with “deep sadness,” that he will not be able to return to work for them either.

As a result, Ferrari’s Board of Directors has named John Elkann as Chairman and will propose to name Louis C. Camilleri as CEO at the company’s next shareholders meeting. In the meantime, Camilleri has been appointed acting CEO and has been given the “necessary powers to ensure continuity of the company’s operation.”

Camilleri isn’t a household name, but he was the former head of Philip Morris International which is now known as the Altria Group.

 

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  • Mr. EP9

    Complications from surgery is never a good thing and I hope Sergio makes a full recovery. I don’t like the guy but I don’t want him to die. That being said, I’m glad he’s gone from his position and it sounds like he’s not coming back either. So maybe, just maybe, FCA might be steered on a better path from here on out. Yeah, yeah, I know, I’m getting my hopes up but its hard not to when you’ve had years of broken promises and lies from Sergio.

  • john1168

    Well, I didn’t like a lot of his decisions concerning FCA, particularly with Chrysler and Dodge. I never agreed with the decisions that essentially held them back. That being said, I do wish him all the best and hope that he has a speedy recovery.

  • blue adidas

    Best of luck with his recovery. Though I’m glad he’s out at FCA. I wouldn’t be surprised if there were more to the story.

    • Doodz

      What, like this was more of a preemptive tactical chess move vis a vis Hyundai

      • LeStori

        The agnelli family effectively controls FCA and Ferrari. So Hyundai or anyone else would have to propose somehting special for them to sell.

  • TheToadPrince..~~ToadSquad

    if mike manly is next ceo of fca..we all can be relieved .

    • Сафиуллина-Мохамед Рамазанов

      Managing brand is not like managing a huge Corp., with that being said I hope him success though

  • Bo Hanan

    I hope Sergio and FCA make a full recovery.

  • Six_Tymes

    Wishing him best of luck with his recovery. money cant buy good doctors, not enough good ones around.

  • ME

    Wishing Sergio the best of luck!

  • Paul

    Poor guy, I wish him the best.

  • Ilbirs

    I wish the best for Sergio in his recovery. He wrote his name on automotive industry by not only both ressurecting Fiat and Chrysler but also joining them on a path way less controversial than that old DaimlerChrysler that made the American part starving visibily. OK, there are some mistakes like the ones that let Fiat, Chrysler and Dodge adrift while Jeep trailed the good path that was trailed historically and RAM stole the lights that could be directed to the Dodge from which it came from.
    Now it’s time for Mike Manley to put the rest of the group in order, like making the neglected brands coming back to the place they deserved, avoiding that merging obsession that plagued Sergio’s term as CEO and other details that we know well. For Sergio I wish not only a full recovery but to see him as some kind of spiritual heir to Lee Iacocca.

  • Shane

    I’m ruthless, let him die slowly like the companies he’s ran.

    • javier

      uh no ur a dik

    • Tumbi Mtika

      Shameful comment. There are things bigger than cars and this man’s life is one of them.

      • S3XY

        You’ll forget about it in 5 minutes.

    • Bo Hanan

      Shane on you shame.

    • GoofyGotKilos

      wow edgy bro

  • Perry F. Bruns

    I’ll join the ranks of those who wish him all the best in recovery, while breathing a sigh of relief that his departure from FCA and Ferrari has happened sooner than later.

  • Andrew Riles

    I wish Sergio all the best in his recovery, though like others, I am not a fan of the way he managed certain aspects of the company…like merger talks…

  • europeon

    Good riddance!

    • designer_dick

      Show some decency, the guy’s seriously ill.

      • europeon

        Yeah… Why? He managed to kill, maim and ultimately destroy brands that I (and million others) loved. He was a failure, one of the worse things that happened to the auto industry, and I’m really happy he’s gone – too bad it didn’t happened years ago.

        • GoofyGotKilos

          Aw u can’t buy a Plymouth 🙁

          • europeon

            Plymouth was dead decades before FCA happened, and they never sold it in Europe anyway.

        • designer_dick

          I can’t imagine what it’s like to live your life so full of hate for someone you’ve never met, who has never caused you physical or mental harm, or impacted on your day-to-day quality of life in any significant way.

          Being you must be horrible. I’m not a fan of Marchionne, but I’m able to empathise with what his family must be going through because I’m not a self-centred, weapons grade C*NT.

          • europeon

            You’re delusional and you seem to have the reading comprehension of a six year old, but you’re not the first moral busybody I’ve encountered.

          • Status

            You can say the exact same words for Hitler or Mugabe, and you’d retract that statement for having ‘unjustified’ hatred of someone you’ve never met.

            I think it’s entirely possible to hate someone having never personally met them AND not have a miserable life oneself.

            You’re being awfully one-sided.

          • designer_dick

            Sergio Marchionne is responsible for running a car company, not the cold-blooded murder of innocent civilians.

          • Status

            And guess what? I can still hate the man for imploding an automaker. He didn’t even have to perform genocide to get into my books.

            It sounds like only genocide is enough to get your attention. Why such a high standard? Do you choose to be ignorant of his actions as CEO?

          • designer_dick

            Imploding an automaker? Get a grip. Last time I checked, FCA was profitable ($4.2bn in 2017) with very little outstanding debt.

            Sure, he’s culled the occasional underperforming model here and there, but literally NOTHING he has done during his time with Fiat, then FCA warrants anything even close to the level of venom you’re spewing.

        • Tumbi Mtika

          “I never was a hypocrite and I’m not gonna start now.”

          Valuing someone’s life over car companies DOES NOT make you a hypocrite.

          • europeon

            But I don’t value his life at all, and not saying what I think about him, or “showing some decency” as I’ve been told, would make me a hypocrite.

    • LeStori

      Why becasue he did not run the company like you, th eprofeesion company saviour would run it? Whilst not excited by his over promises over the years, the FCA bran dhad much dead wood. Chrysler and Dodge being two of the dead limbs thaa were largely removed. Ram and Jeep are thriving andf making money. Alfa Romeo is actually being revived (may it continue) . Lancia was gone years ago .Might be resurectable in the future as an electric car. I suspect his triage has actually saved the company . Whether his successors can build on this base is another thing.

      He went into surgery for asholder injury at the age of 66 and complications have meant that he is unable to return to work. Hopefully you never are in such a situation where you go in for minor surgery and come out “stuffed”.

      • europeon

        The situation was never as you described above, if you want to know the truth, dig through my old comments, I can’t be bothered explaining everything again and again.
        I’m still very happy he left the company, and his personal suffering makes everything much sweeter.

      • Stephen G

        “Dead wood” occurs when what has been planted is not tended to properly.

  • Tumbi Mtika

    I’m not going to even act like I even liked him as FCA/Ferrari chair, but this is awful. I really hope he and his family are okay and that he makes a full recovery. I send him my blessings and wishes. I do feel that FCA will be a better place without him there, but it is devastating that it has to happen like this.

    Get well soon, Sergio. FORZA.

  • Craig

    I hope for a speedy recovery. Of course. THAT SAID… It certainly makes me wonder what happens next. It will be interesting. Hopefully someone who loves the ‘Chrysler’ brand will take over. All together now…… give me an I. Give me an M. Give me a P. Give me an E. Give me an R. Give me an I. Give me an A. Give me an L. All together now!

    • Leconte Dave

      Probably after the SUV craze

  • Liam Paul

    I hope get better where he can retire and enjoy his retirement..

  • CHRYSLER IS ONE OF THE FEW COMPANIES WHERE EACH MODEL IS UNIQUE.
    BROWN SHOES WITH A SUIT TELLS ME HE LOOKS AROUND TO SEE WHAT EVERYONE ELSE IS DOING. LET’S HOPE HE’S AN INDEPENDENT THINKER.

  • Vassilis

    Hope whatever it is, it can be overcome. It would be interesting to see what Elkann can do with Ferrari.

  • Craig

    Manley can use his magic on the Chrysler brand and turn that around too. It seriously wouldn’t take that much effort.

  • Craig

    Very nice indeed!

    • Status
      • Craig

        I love that too. Well… not THAT particular one. But what I love about it most is that Chrysler was able to create that from a K-Car.

        • Status

          I have to admit that as screwed up as Chrysler is now, they’ve always seemed incredibly frugal and economical with whatever cards they were dealt. The K’s, despite how ugly some of them got to be in the early years, were solid proof that GM and FoMoCo didn’t have a sweet clue of a world outside of straight rebadging.

  • Honda NSX-R

    Wishing Sergio and FCA both the best of luck and a speedy recovery

  • Emoto

    Automotive news says:
    “Marchionne suffered embolism during cancer surgery, Italian report says
    Former FCA CEO Sergio Marchionne suffered an embolism while undergoing an operation for an invasive shoulder sarcoma and has irreversible damage to his brain function, an Italian business website reported Tuesday”

    I can’t say that I was a big fan of Mr. Marchionne, but nobody deserves this.

  • Hello Moto ✓ᵛᵉʳᶦᶠᶦᵉᵈ

    Rest In Peace 🙁 : https: // www. detroitnews. com/story/business/autos/chrysler/2018/07/24/report-former-fca-ceo-sergio-marchionne-coma-after-stroke/829974002/

    “Former Fiat Chrysler Automobiles NV CEO Sergio Marchionne is on life support, and doctors have no hope of recovery.

    Citing anonymous sources, Lettera43 said the 66-year-old was diagnosed long ago with invasive shoulder sarcoma, a type of cancer, according to the American Cancer Society, that develops in the bones and connective tissues. During surgery on his shoulder, according to the report, the former CEO had a stroke and was put into a coma with irreversible brain damage.”

  • Craig

    Now that we know how all this turned out… it’s kind of sad reading these well wishes.

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