The end is coming for Fiat Chrysler Automobile's CEO Sergio Marchionne. In a interview with Bloomberg, Marchionne says he will step down in 2018, the same time that his second five year plan will end.
“I’ll undoubtedly do something else” after the end of 2018, said Marchionne. "I am not going to do any more turnarounds. I’m done; let some of the young punks do it.”
Marchionne, 62, became the CEO of Fiat in 2004 and helped triple the automaker's revenue over the subsequent years. He was also a key person in the company's acquisition of Chrysler.
There is no mention of who will be successor to Marchionne. But the current CEO does mention his role may be split among a number of executives.
“There are a number of things that the next CEO will do which are totally different from what I do. The role as presently configured will have to be reconfigured.”