Fiat Chrysler chief Marchionne set to be replaced following health issue

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Directors of Fiat Chrysler Automobiles (FCA) are to meet today to discuss who will succeed Sergio Marchionne as CEO, the Italian-Canadian now on medical leave following surgery to his shoulder.

He will be replaced by Mike Manley, the head of the Italian-American company's Jeep division.

A statement from Ferrari confirmed that John Elkann would take over as chairman, with a recommendation that Louis C. Camilleri be named as CEO.

Marchionne, a 66-year-old Italian-Canadian, joined Fiat in 2004 and led the Turin-based company's merger with bankrupt USA carmaker Chrysler.

FILE PHOTO: FCA CEO Sergio Marchionne attends the celebration of the production launch of the all-new 2017 Chrysler Pacifica minivan at the FCA Windsor Assembly plant in Windsor, Ontario, U.S. May 6, 2016.

"Unexpected complications arose while Mr Marchionne was recovering from surgery and. these have worsened significantly in recent hours", Fiat Chrysler said in a statement on Saturday.

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FCA said this month that Marchionne, who held joint Italian and Canadian citizenship and was described by those who worked with him as a workaholic, had undergone shoulder surgery and was in recovery but then his situation deteriorated.

With Marchionne already due to step down next year, the board said it has "resolved to accelerate the CEO transition process" by naming Briton Manley as the Group's new CEO.

The announcement, at the end of an urgently convened board meeting, marked the end of the Marchionne era, which included the turnaround of failing Fiat, the takeover of bankrupt US automaker Chrysler and the spinoffs of the heavy machinery and truck maker CNH and supercar maker Ferrari.

Elkann is the grandson of Gianni Agnelli, and serves as chairman and CEO of EXOR, the holding and investment company owned by the Agnelli and Elkann families.

Marchionne, who was also Chairman and CEO of FCA, had been running Ferrari since taking over from Luca de Montezemolo in 2014.

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