Illness forces Marchionne out of Ferrari

Ferrari Chairman Sergio Marchionne

Marchionne, 66, was credited with rescuing Fiat and Chrysler from bankruptcy after taking the wheel at the Italian carmaker in 2004.

With Marchionne already due to step down next year, the board said it has "resolved to accelerate the CEO transition process" by naming Briton Manley as the Group's new CEO.

Ferrari announced that Louis Camilleri, an Egyptian-board Maltese and longtime executive at Philip Morris International, the tobacco company, was chosen to be replace Marchionne as CEO of the sports vehicle maker.

A company statement said the decision was made at an urgently convened board meeting Saturday because Marchionne's health had suddenly deteriorated following recent surgery and he "will be unable to return to work".

More news: Man who plotted to kill British PM found guilty

Directors of Fiat Chrysler Automobiles (FCA) are to meet today to discuss who will succeed Sergio Marchionne as CEO, the Italian-Canadian now on medical leave following surgery to his shoulder. As a effect, Mr. Marchionne will be unable to return to work.

"The board of directors of FCA, meeting today [Saturday], 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". "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".

In a statement, Mr Elkann said he was "profoundly saddened" by the situation.

Mike Manlay will take up the role of CEO, with FCA shareholders also proposing that he be elected executive director. He asked everyone to respect Marchionne's "privacy and that of all those who are dear to him".

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