Fiat Chrysler Automobiles has confirmed its CEO Sergio Marchionne will exit the company effective immediately. The chief executive recently underwent surgery for a health concern which caused “massive” complications.
FCA has not disclosed details on the matter other than the confirm that Marchionne’s successor will be a permanent replacement. The FCA board will meet today to select his successor, which is also expected to be announced today. Successors will also be named for his chairman roles at Ferrari and CNH Industrial.
Marchionne took the helm at Fiat back in 2004. The executive managed the company through its 2009 merger with Chrysler Group and is credited for steering the new company out of bankruptcy. The 66 year old was originally to step down as FCA CEO in April and take the CEO spot at Ferrari. As such, the FCA board and Marchionne were in the process of identifying potential successors.
Some rumored potential suitors have been FCA CFO Richard Palmer, Europe chief Alfredo Altavilla and Jeep brand boss Mike Manley. It’s unclear the short list of replacements will be modified due to the swift, unplanned nature of Marchionne’s exit.