FCA CEO Sergio Marchionne replaced due to bad health

FCA CEO Sergio Marchionne replaced due to bad health

Manley, 54, takes over the job immediately, initially as interim chief until an emergency board meeting can make the succession official.

Ferrari announced some midterm targets earlier this year - pledging to double core earnings and churn out hybrids and an SUV - but a detailed strategy was due in September. Former Philip Morris chairman Louis Camilleri is set to take over as Ferrari CEO in the coming days pending shareholder approval. Marchionne is 66 and was recovering from a shoulder injury.

John Elkann, grandson of Gianni Agnelli and chairman of the company that controls FCA, said the family was shocked by Marchionne's failing health. Those complications worsened in the hours prior to the announcement, preventing him from returning to work, said FCA.

Manley was considered a top candidate to replace Marchionne next year.

Manley was appointed head of the Ram brand in 2015.

"It's an end of an era with the iconic, highly quotable, sweater-wearing Sergio Marchionne stepping down, with significant very concerns about his ailing health", said Rebecca Lindland, executive analyst at Kelley Blue Book.

"In this moment my thoughts go to his family".

Jeff Bezos' Blue Origin launches spacecraft higher than ever
Blue Origin has yet to announce when it will start taking reservations or how much flights will cost. Blue Origin is testing its New Shepard rocket for the ninth time .

Marchionne had planned to retire as CEO of FCA in 2019, but continue as head of Ferrari until 2021.

The outgoing boss implemented a surprising level of transparency for FCA when he delivered the "five year plan" in 2013, and the timing of his replacement is fitting with the 2018 - 2022 Business Plan presented just last month. "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 brand also grew internationally, especially in China, under Manley.

"It was his intellect, perseverance and leadership that saved Fiat", Elkann wrote in the letter. He likes to quote poets and philosophers in corporate speeches and the audiophile often plays his own soundtracks ahead of press conferences and earnings calls.

Marchionne, who is also a lawyer, is known for sleeping only briefly each night.

Analysts praised the choice of Manley to succeed Marchionne even as they noted the challenges the new CEO will face.

Related Articles

  • Trump tweets all caps response to Iran's 'mother-of-all-wars'

    Trump tweets all caps response to Iran's 'mother-of-all-wars'

    In May, the United States left a deal which curbed Iran's nuclear activities in return for the lifting of global sanctions. He said Trump was "willing to talk" to the Iranian government if it showed what he called signs of change.
    Chelsea finally end Conte saga

    Chelsea finally end Conte saga

    The 48-year-old Italian has a year remaining on his contract, but left the Blues on Thursday, according to Sky Italia. Chelsea have finally confirmed Maurizio Sarri as their new manager, a day after Antonio Conte was shown the door.
    Israel adopts controversial Jewish nation-state law

    Israel adopts controversial Jewish nation-state law

    Clauses that were dropped after political wrangling would have enshrined in law establishment of Jewish-only communities. The question of Israel's status as a Jewish state is politically controversial and has always been debated.
  • Thomas grabs yellow, but victim of boos

    Thomas grabs yellow, but victim of boos

    Dumoulin, the time trial world champion, is Sky's closest challenger. "Like I said yesterday, I'm still riding for Froomey". On the four Tours Froome has won, he has worn the yellow jersey after the first mountain stage.
    Trump says 'not thrilled' about interest rate hikes

    Trump says 'not thrilled' about interest rate hikes

    The IMF projects the US trade deficit will widen as tax cuts and spending increases enacted this year stoke demand for imports. Trump defended his comments to CNBC by saying he is "just saying the same thing that I would have said as a private citizen".
    Fear the Walking Dead Season 4B Trailer Debuts

    Fear the Walking Dead Season 4B Trailer Debuts

    It seems like the last season has been all but forgotten if these Twitter reactions are anything to go by. Andrew Lincoln addressed the elephant in the room at the start of The Walking Dead SDCC panel.
  • North blasts South for sticking with USA  alliance

    North blasts South for sticking with USA alliance

    He said a second message they delivered was that "to achieve that, full implementation of the sanctions is absolutely crucial". There is no evidence North Korea has made any concrete moves toward dismantling its nuclear weapons program so far.
    Putin attacks Trump's summit critics

    Putin attacks Trump's summit critics

    Shortly after arriving at the Presidential Palace in Finland's capital, Trump said he believed Russian Federation and the U.S. On Thursday, Trump accused opponents of preferring to go to war rather than seeing good relations with Russian Federation .
    Japan Moves To Cease Oil Imports From Iran Amid US Warnings

    Japan Moves To Cease Oil Imports From Iran Amid US Warnings

    Oil prices have been on a rollercoaster ride, with Brent going to $80 in May, only to drop $8-9 to around $71-$72 in July. It settled up 2 cents at $68.08 a barrel the session before, coming off a almost one-month low.
  • Fakhar Zaman breaks two more records in final Zimbabwe ODI

    Fakhar Zaman breaks two more records in final Zimbabwe ODI

    In the process he overtook Zimbabwe batsman Hamilton Masakadza's record (467 runs) of highest runs scored in a single ODI series. Zaman finished with 515 runs in the series that included a century and also Pakistan's first ever double hundred in an ODI.
    Russian military offers to cooperate with US in Syria

    Russian military offers to cooperate with US in Syria

    The comments received strong criticism across the media world and even by some Republican members of Congress. Kimmel ended by saying Monday's summit was a "total win for Putin and a shameful day for America".
    Google faces $5 billion fine over Android

    Google faces $5 billion fine over Android

    The EU's decision to impose the record fine on the US-firm comes at a time of heightened tensions between Brussels and Washington. And if Google doesn't change its business practices , the cost could grow even higher, with penalty payments added after 90 days.