Ferrari boss steps down due to illness

Sergio Marchionne

Sergio Marchionne has been forced to step down from his role as CEO of Fiat and Ferrari following complications in surgery.

A statement from Fiat Chrysler Automobiles confirmed that Marchionne would not return to work.

“Fiat Chrysler Automobiles N.V. 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,” read the statement.

“As a consequence, Mr. Marchionne will be unable to return to work.”

The Fiat board will now work to elect a replacement for Marchionne, with the company led by Mike Manley in the interim.

Manley, who oversees Jeep, has been proposed as Marchionne’s permanent replacement.

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