FCA: Heavy blow for Sergio Marchionne
HEALTH DOES NOT PLAY WITH Sergio Marchionne has to give up his role as head of Fiat Chrysler Automobiles (FCA). He had taken the helm of the group in 2004. Complications had recently arisen after shoulder surgery, which have now forced the Italian to give up. Ferrari announced that Sergio Marchionne would also be unable to continue as president and CEO of the subsidiary. The [...]
Complications had recently arisen following shoulder surgery, which have now forced the Italian to retire. Ferrari announced that Sergio Marchionne would also be unable to continue as president and CEO of the subsidiary. The leadership of FCA will be taken over by Mike Manley, who has been part of the carmaker's top management for many years and was previously responsible for Jeep.
Familiar names in the new management
Ferrari President will be John Elkann, a member of the Agnelli family, which holds a majority stake in the Fiat Group. John Elkann is also Fiat's president. The Supervisory Board appointed Louis C. Camilleri, who previously held senior positions at tobacco multinational Philip Morris, among others.
Cooperation with the Koranic manufacturer Hyundai
Sergio Marchionne originally wanted to remain head of Fiat Chrysler until 2019; similar plans for his posts at Ferrari were not known. One of his greatest successes is to have brought together the two companies, which are very different in terms of structure and products. He successfully floated Ferrari on the stock market and most recently sought cooperation with the Korean Hyundai Group.
