Fiat Chrysler CEO Sergio Marchionne Falls Ill, Mike Manley Named SuccessorPosted in News on July 24, 2018
The automotive industry was shocked Saturday with sad news regarding Sergio Marchionne, who will be unable to return to work as CEO of Fiat Chrysler Automobiles (FCA) due to unexpected complications from surgery. The New York Times reports that Marchionne was recovering from shoulder surgery but has become “gravely ill,” and FCA reports that his condition worsened significantly on July 21.
With Marchionne unable to helm the company, FCA’s board of directors held a meeting to accelerate a CEO transition process that had already named Mike Manley as the new head of the company. The original timing of that process is shrouded in mystery, but it sounds as though Manley was always expected to succeed Marchionne. The company’s new chief officer was the former head of the Ram and Jeep brands, two of FCA’s most profitable and valuable product lines.
He has yet to be confirmed by FCA’s shareholders, but in order to keep the company running, FCA’s board of directors granted Manley all the powers of CEO effective immediately. The new CEO will implement the company’s 2018–2022 Business Plan, which was presented earlier this year. Manley will also be responsible for the NAFTA region, which includes Canada and Mexico.
The staff at Truck Trend and Four Wheeler send their well wishes to Sergio Marchionne, and we hope to hear good news regarding his condition soon.
Sources: Fiat Chrysler Automobiles, New York Times