The Fiat Chrysler Automobile Group have announced that British born Mike Manley, the CEO of Jeep has been named as the new Chairman of the Fiat Chrysler Automobile Group replacing Sergio Marchionne with immediate affect.

In a statement, the board of the Fiat Chrysler Automobile Group said:

With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week 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 Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years. The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company. In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region. Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on 1 June this year, a plan that will further assure FCA’s strong and independent future.

Newly named Ferrari Chairman John Elkann commented on the news saying:

I am profoundly saddened to learn of Sergio’s state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice. My first thoughts go to Sergio and his family. What struck me about Sergio from the very beginning, when we met to talk about the possibility of him coming to work for the Group, even more than his management skills and unusual intelligence, were his human qualities, his generosity and the way he understood people. Over the past 14 years together we have lived through successes and difficulties, internal and external crises, but also unique and unrepeatable moments, both personal and professional. For so many, Sergio has been an enlightened leader and a matchless point of reference. For me, he has been someone with whom to share thoughts and in whom to trust, a mentor and above all a true friend. He taught us to think differently and to have the courage to change, often in unconventional ways, always acting with a sense of responsibility for the companies and their people. He taught us that the only question that’s worth asking oneself at the end of every day is whether we have been able to change something for the better, whether we have been able to make a difference. And Sergio has always made a difference, wherever his work took him and in the lives of so very many people. Today, that difference can be seen in the culture that he introduced in all the companies he has led, a culture that has become an integral part of each and every one of them. The succession plans we have just announced, even if not without pain from a personal point of view, mean we can guarantee the maximum possible continuity, preserving our companies’ unique cultures. It has been my privilege to have had Sergio at my side for all these years. I would ask everyone for their understanding in these circumstances and to respect Sergio’s privacy and that of those who are dear to him.

Ferrari head to the next Formula One Grand Prix in Hungary this weekend after Kimi Raikkonen secured his seventh podium of the season with a third place finish in a chaotic German Grand Prix.

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