In light of Sergio Marchionne’s worsening health, Fiat Chrysler Automobiles convened an emergency meeting of the board in order to promote Jeep President and CEO Michael Manley to the role of FCA CEO.
Marchionne has been scheduled to retire next year and the plan of succession had been well set, presumably to have Manley step into the role next year.
Marchionne was recovering from shoulder surgery three weeks ago, but complications arose over the weekend, forcing FCA to issue a statement saying the 66-year-old would not be returning to work.
“It is with great sadness that I have to tell you that our CEO Sergio Marchionne, who recently underwent surgery, unfortunately experienced complications that have worsened in recent hours and will prevent his return to FCA,” wrote John Elkann, chairman of FCA and Exor, the holding company that owns 29% of FCA.
“We started years ago working on a succession plan that would ensure continuity and preserve the unique culture embedded in FCA,” announced Elkann. “With that plan already established, we are now moving ahead with the process and today the Board of Directors has named Mike Manley as the new CEO of FCA.”
The British-born Manley had been the head of Jeep since 2009 and of Ram since 2015. He has held various positions at the company since joining DaimlerChrysler in 2000 (as Director - Network Development in the UK), including Chief Operating Officer for the APAC region, lead executive for Chrysler international activities outside of NAFTA, Executive Vice President - International Sales and Global Product Planning Operations. In this position, he was responsible for product planning and all sales activities outside North America.