>> There's a new CEO behind the wheel of one of the world's biggest auto makers, Fiat Chrysler saying Saturday Sergio Marchionne was replaced by the head of the firm's Jeep division, Mike Manley. After the health of the car maker's long-time boss deteriorated sharply following shoulder surgery. In a statement Fiat Chrysler said Manley will implement a strategy outlined by Marchionne to ensure the company has a, quote, strong and independent future.
66 year old Marchionne was credited with rescuing Fiat and Chrysler from bankruptcy after taking the helm at the Italian car maker in 2004. He had a reputation of being an outspoken workaholic and often sported a black sweater. He had been due to step down from the combined group next April, but his sudden health crisis forced the company to accelerate the shift.
This has also prompted succession plans at sports car maker Ferrari, where Marchionne had been both chairman and CEO. The Fiat Chrysler chairman at scion of the Agnelli family that controls Ferrari and Fiat Chrysler, John Elkann, was named the new chairman, and board member Louis Camilleri was named CEO of the luxury sports car maker.
Marchionne had previously said he planned to stay on as Ferrari chairman and CEO until 2021.