Sergio Marchionne gives leadership of American car company Fiat Chrysler for health reasons. After a shoulder operation, re had been unexpected complications, Fiat Chrysler shared. The 66-year-old could not resume his work. Marchionne must also give up his posts as president and chief executive officer of company's subsidiary Ferrari.

Chairman of supervisory board John Elkann said he was deeply saddened by Marchionnes disease. "This situation was unthinkable until a few hours ago." The first thoughts are now with Marchionne and his family, he said.

The leadership of Fiat Chrysler takes over Mike Manley, former head of Jeep brand and a long-time manager of group. New president of Ferrari will be John Elkann, member of family Agnelli and Fiat president. The chief executive of Ferrari was Louis C. Camilleri, who had previously held managerial positions with international tobacco company Philip Morris.

The 66-year-old Marchionne had already announced to resign in coming year. He had come to Fiat in 2004 when company was in a crisis. Under Marchionne, Fiat merged with bankrupt Chrysler Group, but failed with attempt to take over Opel. Later, Marchionne brought Ferrari to stock exchange.

Marchionne recently announced that his company will be debt-free at end of June of this year. From June 26th, he was no longer in public.

Date Of Update: 22 July 2018, 12:02