Jeep boss Manley to replace Marchionne as CEO of Fiat Chrysler

Marchionne sends Raikkonen another warning

Fiat-Chrysler and Ferrari boss Sergio Marchionne could soon step down from his executive positions following an imminent decision by the Italian automotive group's board of directors.

In a statement issued on Saturday evening, the Maranello-based company said: "The Board of Directors of Ferrari learned with deep sadness during its meeting today that Chairman and CEO Sergio Marchionne will be unable to return to work".

"The Board has named John Elkann as chairman and will propose to shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO".

Marchionne is the man in favour of promoting Sauber rookie Charles Leclerc to the Scuderia in 2019. In the meantime, Mike Manley named acting CEO.

The sports vehicle maker also announced a replacement, naming Fiat Chrysler chairman John Elkann as his successor. His roles have included head of sales in Asia, head of Ram brand, and chief operating officer for North America. "It was a situation that was unthinkable until a few hours ago, and one that leaves us all with a sense of injustice". "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". He asked everyone to respect Marchionne's "privacy and that of all those who are dear to him".

Elkann is a grandson of the late Gianni Agnelli, the longtime Fiat dynasty chieftain. He already sits on the Ferrari board. A Fiat Chrysler sign is seen outside the Chrysler World Headquarters in Auburn Hills, Mich., in this file photo. Marchionne became Fiat's CEO in 2004, overseeing the merger with Chrysler to create FCA. Manley will also assume the responsibility of the NAFTA region, according to the company's statement, and continue with the company's 2018-2022 business plan announced last month. Those brands were expected to account for 80 per cent of revenues by 2022, compared to 65 per cent now.

Marchionne's tenure also has been controversial at times.

Next corporate results are set to be released on July 25.

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