Sergio Marchionne
Fiat Chrysler Automobiles (FCA) on the weekend announced that ill health has forced 66-year-old CEO Sergio Marchionne to step down from his position at the auto manufacturer, one year before he was scheduled to retire.
“During the course of this week unexpected complications arose while Mr. Marchionne was recovering from [shoulder] surgery . . . These have worsened significantly in recent hours,” the company communicated in a statement, issued on Saturday.
“As a consequence, Mr. Marchionne will be unable to return to work. The board of directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the company in these years.”
In total, Machionne spent 14 years at the head of Italian brand Fiat.
He added bankrupt US car maker Chrysler to the Fiat stable in 2009. He is widely credited with turning around both struggling auto brands.
The merged Fiat Chrysler Automobiles made its debut on the New York Stock Exchange in 2014. Shortly afterward, the company announced a spinoff of sportscar brand Ferrari.
Ferrari began trading in New York in 2015.
Marchionne was immediately replaced by 54-year-old Michael Manley, who led the recent expansion of the Jeep brand.