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Fiat Chrysler names new CEO to replace ailing Marchionne

Fiat Chrysler names new CEO to replace ailing Marchionne

Manley, 54, has been the head of the Jeep brand since 2009 and Ram since 2015.

Ferrari has announced that John Elkann has been appointed company chairman as Sergio Marchionne retires due to ill health. He is credited with saving Chrysler in 2009 from bankruptcy and increasing the market value of Fiat from USA $7.5 billion to around U.S. $71.5 billion (combined market value of Fiat, Chrysler and Ferrari) in the 14 years that he served the company.

Another source said the 66-year-old may have been suffering lung cancer and is now in a coma. Those brands were expected to account for 80 percent of revenues by 2022, compared to 65 percent now. At the time, the all-SUV Jeep mainly was a US brand, where annual sales languished at around 232,000.

The sports vehicle maker also announced a replacement, naming Fiat Chrysler chairman John Elkann as his successor. Over the past 14 years together we have lived through successes and difficulties, internal and external crises, but also unique and unrepeatable moments, both personal and professional.

Analysts praised the choice of Manley even as they noted the challenges he will face. "His worldwide experience in growing that brand will play a key role as he applies those techniques to all of the Fiat Chrysler divisions".

CNH Industrial said its interim CEO, Derek Neilson, will continue on pending the selection of a permanent replacement for Marchionne.

In June, Marchionne presented a five-year strategy for the company, which included a major investment push to produce more electrified cars.

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

Marchionne, an Italian as well as a Canadian, is steeped in economics as well as philosophy.

Marchionne took over as president of Ferrari in 2014 from Luca Di Montezemolo, who served more than 20 years in the role.

Sergio Marchionne, the besweatered and sometimes controversial head of Fiat Chrysler Automobiles, will not return to the helms of FCA, CNH Industrial, and Ferrari after suffering serious complications following shoulder surgery.

"This is a very important person for Formula 1", said Mercedes team principal Toto Wolff.