Marchionne could leave Ferrari earlier than expected!

"The Board's thoughts are with Sergio Marchionne and his family and it is grateful for the extraordinary contribution he has made in recent years at the helm of Ferrari".

Directors of Fiat Chrysler Automobiles (FCA) are to meet today to discuss who will succeed Sergio Marchionne as CEO, the Italian-Canadian now on medical leave following surgery to his shoulder.

Marchionne, an Italian-Canadian, joined Fiat in 2004 and led the Turin-based company's merger with bankrupt US carmaker Chrysler as well as the spin-off of luxury sports vehicle maker Ferrari.

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As its Chairman and CEO, Marchionne has been the man also guiding Ferrari's destiny since 2014, as well as the very determined and vocal representative of the Scuderia in its active negotiations with Formula 1 to format the sport's 2021 regulations.

"Unexpected complications arose while Mr Marchionne was recovering from surgery and. these have worsened significantly in recent hours", Fiat Chrysler said in a statement on Saturday.

British-born Manley, who also takes responsibility for the North America region, will implement a strategy outlined by Marchionne last month to ensure the company has a "strong and independent future", FCA said in a statement.

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Marchionne will be unable to return to work. 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.

"It has been my privilege to have had Sergio at my side for all these years".

In the meantime, Manley has been given full authority to act with all the powers of the CEO in Marchionne's absence. Manley will continue to implement that business plan, according to the company.

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