We’re hoping for his speedy recovery

In a dramatic and unexpected turn of events, Fiat Chrysler Automobiles’ expected change in leadership has been accelerated after CEO Sergio Marchionne experienced complications after surgery. The FCA board held an emergency meeting to address the issue. Ultimately, the board decided to start the CEO transition process way ahead of schedule — Marchionne was supposed to step down in 2019 — by naming Jeep boss Mike Manley as the acting CEO.

Sergio Marchionne Out as FCA and Ferrari CEO After Complications With Surgery
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It’s been reported that the now former FCA and Ferrari CEO was having health issues, but news of his surgery and the subsequent complications from it have flipped the company’s world upside down.

Well, this came out of nowhere. It’s been reported that the now former FCA and Ferrari CEO was having health issues, but news of his surgery and the subsequent complications from it have flipped the company’s world upside down. A statement issued by the company said that “during the course of this 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.”

It’s unclear what those complications are, but for FCA to act as swiftly as it did in accelerating the CEO succession plan suggests a level of seriousness that nobody saw coming. In a separate statement, FCA chairman and the heir to the Agnelli family, John Elkann, 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. My first thoughts go to Sergio and his family.”

Sergio Marchionne Out as FCA and Ferrari CEO After Complications With Surgery
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Mike Manley, the head of Jeep and RAM, has been installed as the FCA CEO.

With Marchionne’s health in a state of crisis, FCA’s board held an impromptu board meeting to accelerate the CEO transition process. Mike Manley, the head of Jeep and RAM, has been installed as the FCA CEO. In addition to his new high-profile role, Manley will also assume the responsibility of the NAFTA region while continuing with the automaker’s business plans for the 2018-2022 timetable. Meanwhile, Ferrari also replaced Marchionne with Louis Camilleri, a longtime executive at Philip Morris International.

"The succession plans we have just announced, even if not without pain from a personal point of view, mean we can guarantee the maximum possible continuity, preserving our companies’ unique cultures,” Elkann said. “It has been my privilege to have had Sergio at my side for all these years. I would ask everyone for their understanding in these circumstances and to respect Sergio’s privacy and that of those who are dear to him.”

The first and most obvious reaction from our end is concern for Sergio Marchionne’s wellbeing. We don’t know the full scope of his health issues at the moment, but we can only hope and pray that he can recover from them. This development was so sudden that we haven’t come to grips with the reality of it, but if we know Marchionne as well as we do, his reputation as one of the toughest men in the industry will go a long way in helping his recovery.

Our thoughts and prayers go out to you, patrono.

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Press release

July 21, 2018, London - With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. communicates with profound sorrow that during the course of this 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 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.

The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.

In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.

Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA’s strong and independent future.

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