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Marchionne replaced as head of carmaker Fiat Chrysler

23 July, 2018, 18:45 | Author: Sara Gill
  • Fiat Chrysler chooses Jeep exec Manley to replace ailing CEO

Marchionne, an Italian-Canadian, joined Fiat in 2004 and led the Turin-based company's merger with bankrupt USA carmaker Chrysler as well as the spin-off of luxury sports auto maker Ferrari.

At FCA's April general meeting, John Elkann, company chairman, and Marchionne both said that Fiat Chrysler is now strong enough to survive on its own and doesn't need a partner.

Ferrari announced that Louis Camilleri, an Egypt-born Maltese and longtime executive at tobacco company Philip Morris International, would replace Marchionne as CEO of the sports vehicle maker. Manley will also assume the responsibility of the NAFTA region, according to the company's statement, and continue with the company's 2018-2022 business plan announced last month. He will be tasked with implementing FCA's five-year plan spearheaded by Marchionne and announced in June.

Sergio Marchionne, who was replaced this week as CEO of the automaker, is in intensive care at a hospital in Switzerland, as reported by the Italian newspaper La Stampa and relayed by Crain's Automotive News. Details of the complications and his condition have not been released, but the company said they prevented him from returning to work.

Marchionne's biggest coup will be seen as the merger with the then moribund Chrysler Group, which had just emerged from Chapter 11 bankrupcy in 2009 when Fiat, along with the United Autoworkers Union and the Canadian Government were the major investors.

Marchionne put Manley in charge of the Ram brand as well as Jeep in 2015.

Elkann, 42, grandson of former Fiat boss Gianni Agnelli, sent a letter to employees over the weekend, praising Marchionne's leadership but also crediting Manley with "demonstrating determination in achieving his vision" to grow Jeep.

The boards of Ferrari and CNH Industrial, which makes heavy machinery and trucks, were called urgently to meet on Saturday in Turin, Fiat's headquarters. He won control of Chrysler in a 2009 deal with U.S. President Barack Obama's government without putting a penny down, only in exchange for bringing more small-car technology to Chrysler.

"I hope that whoever succeeds him will understand Ferrari's value in Formula 1 and decide quickly that the team should remain in the championship", said McLaren CEO Zak Brown.

CNH Industrial, which Marchionne also chairs, named Suzanna Heywood, as his replacement.


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