Sergio Marchionne is planning to retire at the end of 2018

Sergio Marchionne is planning to retire at the end of 2018

Sergio Marchionne,Maurizio Arrivabene
Sergio Marchionne and Maurizio Arrivabene / Source: Ferrari

Sergio Marchionne is planning to retire as CEO of Fiat Chrysler Automobiles at the end of 2018. Marchionne is also Ferrari president. Recently he unveiled a 5-year plan and intends to pull away from the company after completing it.

“I am not going to do any more turnarounds. I’m done. Let some of the young punks do it. I’ll undoubtedly do something else after the end of 2018”, Marchionne said, quoted by Bloomberg Businessweek.

“I am going to stay on through the plan. I want to make sure the plan gets delivered. It’s not my first turnaround. It will be my last. There are a number of things that the next CEO will do which are totally different from what I do. The role as presently configured will have to be reconfigured.”

64-year-old Sergio Marchionne is Chief Executive Officer of Fiat Chrysler Automobiles and Chairman and CEO of FCA US LLC

He was born in Chieti (Italy) in 1952 and has dual Canadian and Italian citizenship.

He began his professional career in Canada. Marchionne became a member of the Fiat S.p.A. Board of Directors in May 2003, and Chief Executive Officer on 1 June 2004. In addition, in June 2009, he was appointed CEO of Chrysler Group LLC (renamed FCA US LLC in December 2014) and, in September 2011, also assumed the role of Chairman. On 13 October 2014, he became CEO of Fiat Chrysler Automobiles N.V. and Chairman of Ferrari S.p.A.

Marchionne will probably want to see Ferrari with the Formula 1 title again before retiring. That might prove a difficult task but he is optimist about the team’s future development.

“The team is giving its all and has a great will to win. We have restructured and I prefer to look to the future in a different way. I don’t regret the choices made, they were well thought out, so there’s no need to change ideas”, Marchionne said at the end of 2016.

“There are still many things missing. But the team is the team and it was put in place over a period of years and we’re not about to change it now. Our working practice is already different to what it was back in August (2016), which is when Mattia Binotto took over the reins. The organizational change was also partly made to bring some calm. Put in the work and the results will come.”