Fiat Chrysler names new CEO with immediate effect

Earlier on Saturday (July 21), Wheels24 reported that the boards of Fiat Chrysler, Ferrari and CNH Industrial were called to urgent meetings in Italy in light of executive Sergio Marchionne's recent surgery and prolonged convalescence.

The La Stampa daily, the hometown newspaper of Fiat's headquarters city, Turin, where the boards were summoned to separate meetings, said the huddles were called to discuss who would succeed Marchionne.

The 66-year-old Italian-Canadian holds multiple leadership roles in the companies, notably as CEO of FCA — Fiat Chrysler Automobiles.

Marchionne had shoulder surgery three weeks ago in Switzerland, the Corriere della Sera newspaper reported. News reports have indicated his convalescence was taking longer than expected.

The group has released the following statement, announcing the company's new CEO as Michael Manley with immediate effect.

On Friday (July 20), Fiat Chrysler Automobiles also announced the appointment of Juan Wheeler as new Chief Financial Officer of Fiat Chrysler Automobiles South Africa (Pty) Ltd.

Read the full Fiat Chrysler Group statement below:

"Fiat Chrysler Automobiles N.V. ('FCA') (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours. 

"As a consequence, Mr. Marchionne will be unable to return to work.

"he Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.

"The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.

"In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.

Mr. Manley and his management team will proceed with the implementation of the 2018 - 2022 Business Plan as presented on 1 June this year, a plan that will further assure FCA's strong and independent future.