Sergio Marchionne Steps Down as CEO of FCA

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July 23, 2018—Fiat Chrysler on Saturday announced the sudden resignation of longtime CEO Sergio Marchionne, who is stepping down due to complications from surgery, CNN Money reports.

Replacing him will be the former boss of FCA’s Ram and Jeep brands, Mike Manley.

The company said in a statement that "unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours."

"As a consequence, Mr. Marchionne will be unable to return to work," the statement said.

Marchionne, 66, will also leave his roles as chairman and chief executive at Ferrari, which was spun off from FCA (FCAU) several years ago. The luxury carmaker said Louis Camilleri, a Ferrari board member and chairman of Philip Morris International Inc., will become CEO.

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