Sergio Marchionne, the CEO of Fiat Chrysler, has stepped down after unexpected complications during his recovery from surgery, the company announced. Mike Manley, the CEO of Jeep, will replace Marchionne as CEO, effective immediately. Louis C. Camilleri, the former chairman of Philip Morris International has been chosen to replace Marchionne as CEO of Ferrari, where he also lead, the company announced today.
Marchionne effectively saved both Fiat and Chrysler when the two merged back in 2014, pulling both companies from the brink of collapse after the recession in the late 2000s. A known workaholic, Marchionne ran Fiat for 14 years, turning around a company that lost $7 billion in 2003 into one that pulled in $1.2 billion in the first quarter of 2018.
Earlier this month, Fiat Chrysler announced Marchionne was going on medical leave to have an operation on his right shoulder, according to Bloomberg. A new CEO was expected to be named next year to replace Marchionne, who had planned to retire from Fiat Chrysler in 2019, but those plans changed as his condition “worsened significantly in recent hours” according to the company.