Marchionne steps down as Fiat Chrysler, Ferrari boss

Sergio Marchionne has stepped down as the chief executive of Fiat Chrysler Automobiles and Ferrari. 

Marchionne suffered unexpected complications following shoulder surgery earlier in July, and is unable to return to work.

A statement released by FCA outlined “profound sorrow” felt by key leadership following his illness, underlining the “extraordinary contribution, both human and professional, that he has made to the Company in these years”.

John Elkann, chieftain and chief executive of the Exor investment group which holds significant shares in FCA and Ferrari, released a statement on Sunday saying “I am profoundly saddened to learn of Sergio’s state of health”.

“It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice,” he said.

“For so many, Sergio has been an enlightened leader and a matchless point of reference.

“For me, he has been someone with whom to share thoughts and in whom to trust, a mentor and above all a true friend.”

The charismatic leader became chief executive of Fiat in 2004, oversaw the merger of Fiat and Chrysler in 2014, and split off iconic Italian supercar marque Ferrari as a seperate concern in 2015.

Marchionne supervised much of the modern success of Jeep and was core to the revival of Maserati and Alfa Romeo, pushing for cars such as the Giulia sedan and Stelvio SUV, along with next-generation models including a mid-engined Lamborghini rival.

Jeep and RAM chief executive Mike Manley has succeeded Marchionne as the overarching boss at FCA.

Ferrari board member Louis Camilleri is the new chief executive of the brand, a role he will fulfil in parallel with a position as chairman of Phillip Morris, parent company to the Marlboro tobacco brand.