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Ferrari’s (NYSE:RACE) CEO Had Shoulder Surgery, Board Meets, He is Out FCA

Ferrari’s (NYSE:RACE) CEO Had Shoulder Surgery, Board Meets, He is Out at FCA

$RACE, $FCAU

The boards of Fiat Chrysler, Ferrari (NYSE:RACE) and CNH Industrial have been called to meet in Italy in light of CEO Sergio Marchionne’s surgery.

The three boards were called to separate meetings in Turin, Italy Saturday to consider the prolonged convalescence of Marchionne, who had shoulder surgery 3 weeks ago in Switzerland.

Mr. Marchionne, 66 anni, has aid he would step down in 2019 as CEO of Fiat-Chrysler (FCA).

The Statement Up Data

Sergio Marchionne is out as Fiat Chrysler CEO, and Michael Manley, the head of the Jeep brand, will take his place.

The Mr. Marchionne has said his successor as CEO would come from within Fiat Chrysler Automobiles.

British-born Michael Manley, 54 anni, is very much like the constantly moving, no-nonsense Marchionne. He joined DaimlerChrysler UK in Y 2008 and survived the series of setbacks that followed the break-up of that “merger-of-equals.” He took over Jeep in Y 2009 and more recently added Ram to his purview.

Few, if anyone in automotive circles will be surprised by his appointment, which will become official when the FCA board meets this week

CEO of Fiat since Y 2004, Mr. Marchionne is also Chairman of Ferrari, the iconic Italian luxury sports car brand, he will also step down from his dual role as CEO of Ferrari, the Supercar manufacturer spun off from Fiat more than 2 years ago

CNH manufactures farm equipment, trucks, buses and other vehicles.

Stay tuned…