MILAN (Reuters) – The health of Sergio Marchionne, long-time boss of carmaker Fiat Chrysler (FCA) (FCHA.MI), worsened on Saturday and he has been replaced as chief executive by Mike Manley, the head of the firm’s Jeep division, FCA said in a statement.
FILE PHOTO: Mike Manley, Head of Ram Brand, speaks at the company’s press conference at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2018. REUTERS/Brendan McDermid/File photo
“With reference to the health of Sergio Marchionne, FCA 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,” the statement said.
It appointed Manley as new CEO and said the British executive would proceed with the implementation of a strategy outlined by Marchionne last month.