Sergio Marchionne Steps Down as Fiat and Ferrari CEO
Yesterday it was announced that Sergio Marchionne, CEO of Fiat and Ferrari, has stepped down from his role with immediate effect.
This comes after a few days of speculation with a statement from Fiat confirming that Sergio Marchionne will not be returning to his role following complications from shoulder surgery and the fact that his health had deteriorated.
It was expected that Sergio Marchionne would was due to step down at the end of this year however now, the Fiat board have opted for a fast-track succession plan.
For now, John Elkann has been announced as the new chairman at the Maranello company (Ferrari) however there will be a proposal in place that the former Phillip Morris chairman, Louis Carey Camilleri, will takeover the role. Louis Carey Camilleri has already been given the powers to ensure the company’s operation continues until he has been fully appointed to the role.
For the Fiat side of the role, Mike Manley (head of Jeep) will be proposed as the new Fiat CEO at the next company shareholders meeting however in the meantime, he has been given the full authority to act with all the powers of the CEO in the absence of Marchionne to allow operations to continue.
Statement: “Fiat Chrysler Automobiles N.V. communicates with profound sorrow that during the week, unexpected complications arose while Mr Marchionne was recovering from surgery and that these have worsened significantly in recent hours.”
“As a consequence, Mr Marchionne will be unable to return to work. The board of directors of Ferrari learned with deep sadness during it’s meeting today that chairman and CEO, Sergio Marchionne would not be returning to work.”
“The boards thoughts are with Sergio Marchionne and his family, it is grateful for the extraordinary contribution he has made in recent years at the helm of Ferrari.”