FCA's CEO Marchionne replaced immediately due to serious health issues

Ferrari has named John Elkann as chairman and will propose to shareholders that Louis Camilleri be named as CEO. Marchionne will be unable to return to work.

With Marchionne set to step down next year, the board said it has "resolved to accelerate the CEO transition process" by naming Mike Manley as the group's new CEO.

Marchionne's biggest coup will be seen as the merger with the then moribund Chrysler Group, which had just emerged from Chapter 11 bankrupcy in 2009 when Fiat, along with the United Autoworkers Union and the Canadian Government were the major investors.

Manley also oversaw the expansion of Jeep into China as COO of FCA's Asia-Pacifica region, which has become a third profit center for the automaker behind North America and Europe. He held different global positions at DaimlerChrysler and then Chrysler before being appointed president and CEO of Jeep at post-bankruptcy Chrysler Group in June 2009.

Marchionne was credited with rescuing Fiat and Chrysler from bankruptcy after taking the Italian carmaker's wheel in 2004. At the time, the all-SUV Jeep mainly was a US brand, where annual sales languished at around 232,000.

Marchionne was reported to have had surgery for a shoulder problem about three weeks ago in Switzerland.

Mike Manley former Jeep chief and current FCA CEO
Mike Manley former Jeep chief and current FCA CEO

Jeep executive Mike Manley will be the new CEO of Fiat Chrysler Automobile after longtime leader Sergio Marchionne's health suddenly deteriorated following surgery, the company announced Saturday.

Adding that his "first thoughts go to Sergio and his family", Elkann asked everyone to respect Marchionne's "privacy and that of all those who are dear to him". His worldwide background meant that he was perfectly-qualified to work for the tobacco firm, which he joined in 1978 as a business development analyst and four years later became the company's director of business development and planning.

"I am profoundly saddened to learn of Sergio's state of health".

In October 2015, Manley was also was given responsibility for the Ram brand.

The sudden departure of Ferrari's president, Sergio Marchionne, from Fiat-Chrysler due to health issues leaves a lot more questions than answers for the Ferrari F1 team and Formula 1 in general. Manley likely did not know he was the chosen one as Marchionne had told reporters repeatedly that the new CEO would be told at the last minute.

At the time, Marchionne said Fiat was poised to eliminate its debt.

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