Fiat Chrysler CEO Sergio Marchionne replaced suddenly due to ill health

Fiat Chrysler CEO Sergio Marchionne replaced suddenly due to ill health

Fiat Chrysler CEO Sergio Marchionne replaced suddenly due to ill health

In a letter made public on Sunday that Elkann sent to FCA employees, he wrote that Marchionne has "unfortunately experienced complications that have worsened in recent hours".

After a day of speculation that Marchionne's successors would be appointed, a statement from Fiat confirmed the Italian's health had deteriorated enough for immediate action to be taken.

Fiat Chrysler aid on Saturday that boss Sergio Marchionne, 66, would not be returning to work because he was gravely ill.

She called Manley a "worthy replacement at FCA, but it's a huge job to not only fill Sergio's shoes, but to run many brands that are facing capricious fortunes in a variety of markets".

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. "The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of the company's operation". The board of CNH also named Suzanne Heywood as chairwoman, tapping a managing director of the Fiat-founding Agnelli family's Exor investment holding company.

Italian media has reported that Louis Camilleri, now a member of Ferrari's board, is expected to become CEO of the luxury carmaker.

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The premium brand is also key to a five-year FCA plan unveiled by Marchionne in June to increasingly focus on hybrid and electric vehicles.

With Marchionne set to step down next year, the board said it has "resolved to accelerate the CEO transition process" by naming Mike Manley as the group's new CEO.

According to Reuters, Marchionne had meant to remain as Chairman and CEO of Ferrari until 2021.

Without a partner in sight, Manley needs to show FCA can keep churning out profits on its own, even as emissions rules tighten, SUV competition intensifies and worries over potential US emissions fines abound.

The boards of carmakers Fiat Chrysler and Ferrari will meet separately on Saturday to discuss succession plans for Sergio Marchionne, who is chief executive of both carmakers and has been on medical leave, Automotive News said.

In a statement, Mr Elkann said he was "profoundly saddened" by the situation. However, health issues have seen him replaced by FCA chairman Elkann. "Mr. Manley and his management team will proceed with the implementation of the 2018 - 2022 Business Plan as presented on 1 June this year, a plan that will further assure FCA's strong and independent future".

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