Fiat Chrysler replaces CEO Sergio Marchionne for health reasons

Fiat Chrysler chooses Jeep exec Manley to replace ailing CEO

Ferrari has announced that John Elkann has been appointed company chairman as Sergio Marchionne retires due to ill health.

FCA has made Mike Manley the CEO of FCA with the sudden and unexpected news of a health crisis for Chairman and CEO Sergio Marchionne.

He has led Jeep since Chrysler LLC exited bankruptcy nine years later under a Fiat deal.

The CEO of Fiat since 2004, Marchionne has long said he planned to step down in 2019 as CEO of the FCA automobile manufacturer. Details of the complications and his condition have not been released, but the company said they prevented him from returning to work.

The boards of Ferrari and CNH Industrial, which makes heavy machinery and trucks, were also called to emergency meetings Saturday in Turin, Fiat's headquarters.

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From a Ferrari point of view the development is significant, with Marchionne having been influential in discussions with Formula 1 owners Liberty Media about the future direction of the sport, while also being central to Alfa Romeo's return to the sport as title sponsor of Sauber.

Manley was considered a top candidate to replace Marchionne next year. "His global experience in growing that brand will play a key role as he applies those techniques to all of the Fiat Chrysler divisions".

In June, Marchionne presented a five-year strategy for the company, which included a major investment push to produce more electrified cars.

The passenger-car brands of Fiat and Chrysler have been less profitable.

Born in 1955, Camilleri had joined Altria Group, which controls Philip Morris, in 1978 holding various positions until he became chief financial officer in 1996 and then CEO in 2002.

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The Italian-Canadian always insisted a replacement would come from the ranks of his hand-picked and tested team, managers who met his exacting standards.

Marchionne took over as president of Ferrari in 2014 from Luca Di Montezemolo, who served more than 20 years in the role.

Fiat Chrysler Automobiles named Mike Manley, the head of its Jeep and Ram brands, to replace ailing CEO Sergio Marchionne at the helm of the world's eighth-largest automaker, according to Reuters.

On the eve of the running of the F1 Grand Prix in Germany on Sunday, Mercedes head of motorsport Toto Wolff expressed concern about his rival Marchionne.

Milan-based AP business writer Colleen Barry, AP Auto Writer Tom Krisher and AP sports writer Jerome Pugmire in Hockenheim, Germany contributed.

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