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Fiat Chrysler Automobiles NV is preparing for the premature end of the Sergio Marchionne era.
The 66-year-old native of Chieti, Italy, out on medical leave for the past several weeks, won’t return to his CEO roles at the Italian-American automaker or at race car manufacturer Ferrari NV, according to people familiar with the matter. The boards of both companies are preparing to name replacements for him on Saturday, said the people, who asked not to be named discussing confidential matters.
Marchionne’s health condition, which the company hasn’t discussed in detail, speeds up the timeline for a succession decision by early next year that was already seen as a crossroads for the company. Marchionne turned around an ailing Fiat when he took over a more than a decade ago, and he’s been closely tied to the company’s success. Who to run the company is just the first of a number of pivotal choices -- like whether to remain independent -- facing Chairman John Elkann.
Elkann, heir of the founding Agnelli family, has said an internal candidate will replace Marchionne at Fiat Chrysler. Chief Financial Officer Richard Palmer, Europe chief Alfredo Altavilla and the head of the Jeep and Ram brands Mike Manley are the top candidates, according to people familiar with the matter. Meetings took place in Turin on Friday to choose his successor, the people said.
More at link:
https://www.bloomberg.com/news/arti...-is-said-to-meet-to-name-marchionne-successor
The 66-year-old native of Chieti, Italy, out on medical leave for the past several weeks, won’t return to his CEO roles at the Italian-American automaker or at race car manufacturer Ferrari NV, according to people familiar with the matter. The boards of both companies are preparing to name replacements for him on Saturday, said the people, who asked not to be named discussing confidential matters.
Marchionne’s health condition, which the company hasn’t discussed in detail, speeds up the timeline for a succession decision by early next year that was already seen as a crossroads for the company. Marchionne turned around an ailing Fiat when he took over a more than a decade ago, and he’s been closely tied to the company’s success. Who to run the company is just the first of a number of pivotal choices -- like whether to remain independent -- facing Chairman John Elkann.
Elkann, heir of the founding Agnelli family, has said an internal candidate will replace Marchionne at Fiat Chrysler. Chief Financial Officer Richard Palmer, Europe chief Alfredo Altavilla and the head of the Jeep and Ram brands Mike Manley are the top candidates, according to people familiar with the matter. Meetings took place in Turin on Friday to choose his successor, the people said.
More at link:
https://www.bloomberg.com/news/arti...-is-said-to-meet-to-name-marchionne-successor