New CEO at Ferrari as Marchionne’s health worsens

New CEO at Ferrari as Marchionne’s health worsens

Sergio Marchionne
photo: Ferrari

The parent company of Ferrari – Fiat Chrysler Automobiles – announced a huge change in its management. It will have a new Chief Executive Officer because of Sergio Marchionne’s worsened health.

The announcement is as follows:

“With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“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.”

“As a consequence, Mr. Marchionne will be unable to return to work.”

“The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.”

“It resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.

In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.”

“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.”

Mike Manley, Sergio Marchionne
photo: FCA

Mike Manley is the head of FCA’s Ram and Jeep division

He was appointed as Head of Ram Brand in October 2015 as well as Head of Jeep Brand and member of the Group Executive Council (GEC) on September 1, 2011.

Previously, Manley was Chief Operating Officer Asia (APAC). He was also the lead Chrysler Group executive for the international activities of Chrysler outside of NAFTA. There he was responsible for implementing the co-operation agreements for distribution of Chrysler Group products through Fiat’s international distribution network. Previously, Manley was Executive Vice President – International Sales and Global Product Planning Operations since December 2008. In this position, he was responsible for product planning and all sales activities outside North America.

Manley joined DaimlerChrysler in 2000 as Director – Network Development, DaimlerChrysler United Kingdom.

The FCA Board will propose for new Ferrari CEO Louis Camilleri. He is a former chairman of Philip Morris International.