7/21/2018, 8:31 PM (Source: TeleTrader)
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Marchionne replaced by Fiat Chrysler over health issues

Health issues caused Sergio Marchionne, former Chief Executive Officer of Fiat Chrysler Automobiles (FCA), to get replaced by Mike Manley, head of Jeep, FCA's subsidiary, the carmaker announced on Saturday.

"Fiat Chrysler Automobiles communicates with profound sorrow that during the course of this week unexpected complications arose while Mr Marchionne was recovering from surgery and that these have worsened significantly in recent hours," the spokesman for the FCA said.

The board of directors of FCA met earlier in the day to make the decision. Sixty-six-year-old Marchionne will also step down from his positions at Ferrari, where Louis Camilleri, a board member of Philip Morris International, will step in as the CEO, and at truck and tractor manufacturer CNH Industrials.

Marchionne has been a member of Fiat’s board since 2003, and became the CEO the following year.

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