Sergio Marchionne Steps Down as Fiat Chrysler CEO
Sergio Marchionne, who is regarded as a legend by most people in the auto industry, has stepped down as Fiat Chrysler’s (FCA) CEO due to complications from surgery.
FCA said in a statement that “unexpected complications arose while Marchionne was recovering from surgery.” The company goes on by saying that the complications have “worsened significantly” which prompted Marchionne’s sudden resignation.
Marchionne led FCA to significantly reduce its debts that placed the company in the position to become cash positive by the end of 2018. It is said that Marchionne’s effective management played a key role to FCA’s success to become the world’s seventh largest automaker. On the other hand, he is said to leave FCA in April 2019, but his recent health condition did not make this possible.
FCA’s Board named Mike Manley as the company’s new CEO. The Board is also pushing for Manley to be elected to the Board and serve as an executive director of the FCA. However, Manley is already facing a problem as reports state that FCA lost another executive. FCA head of business in Europe, Middle East, and Africa Alfredo Altavilla resigned after being reportedly passed over for the CEO position. As such, Altavilla’s responsibilities will be given to Manley.