*UPDATE* Automotive News Europe is reporting that Jeep and Ram Trucks head Mike Manley will become Marchionne's successor as FCA CEO. We'll have more in an upcoming news story.
The era of Sergio Marchionne leading Fiat Chrysler Automobiles and Ferrari is seemingly coming to abrupt end. Last night, both Bloomberg and Reuters reported that Marchionne would not return as CEO of the two companies due to complications from surgery. Earlier this month, FCA said Marchionne would be going on medical leave for shoulder surgery. Sources tell Reuters that since the operation, the CEO has been experiencing “massive” and serious complications.
The boards of FCA and Ferrari are meeting today to decide possible successors. According to one source, the new CEO of Ferrari is expected to be Louis Carey Camilleri - currently a board member and former chairman of Philip Morris International. At FCA, there are three people up for consideration - CFO Richard Palmer, Europe chief Alfredo Altavilla, and head of the Jeep and Ram Mike Manley.
Spokespeople for both FCA and Ferrari declined to comment.
In addition to his roles at Ferrari and FCA, Marchionne is the Chairman of CNH Industrial, an agricultural and construction equipment manufacturer. According to sources, the board is expected to meet today to discuss a succession plan.