In a stunning turn of events, Fiat Chrysler has announced that Sergio Marchionne is too ill to return to Fiat Chrysler and that Michael Manley will take over as CEO.
Fiat Chrysler Automobiles has taken the extraordinary step of announcing that CEO Sergio Marchionne is too ill to return as CEO and they are replacing him with Michael Manley immediately. Manley has previously been running Jeep and Ram, the company’s two most profitable brands.
This is the FCA announcement in its entirety
July 21, 2018 , London - With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: 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.
Sergio Marchionne Steps Down, Michael Manley New Fiat Chrysler CEO