Former Fiat Chrysler CEO Sergio Marchionne is being treated at a hospital in Zurich, according to Italian news media.
Over the weekend, Fiat Chrysler’s Board of Directors announced that chief executive Sergio Marchionne suffered unexpected complications from an earlier surgery. In a move to maintain continuity within the company, the board named Mike Manley to the CEO position effective immediately. While Manley takes over Marchionne’s duties, in conjunction with Louis Camilleri, who is now chief executive at Ferrari, questions are swirling about the former CEO’s condition.
Reuters reports that Marchionne is being treated for a serious illness at a medical center in Zurich, Switzerland. According to that same report, an FCA spokesperson confirmed he was at Zurich’s University Hospital, but declined to comment on his exact condition. However, Italian newspaper La Stampa reported that his condition had “aggravated further” on Sunday. Several other outlets also claim his current state is “irreversible”. Reuters further states that Marchionne has been in a coma since Saturday and was breathing only with the help of a ventilator.
The 66-year-old Italian-Canadian chief executive had led Fiat Chrysler into a new era of profitability since taking over in 2004. At the moment, the company now controls one of the largest automakers in the world, spanning several brands. Those brands include Fiat, Chrysler, Dodge, Jeep, Ram, Alfa Romeo and Maserati. FCA spun off Ferrari from the principal business starting in 2015. Shareholders, Piero Ferrari, and Exor N.V., the latter of which is also a principal investor in FCA, now own Ferrari N.V.
Again, it’s unclear what Sergio Marchionne’s exact condition is at this moment. However, those who tuned in to the news of his replacement over the weekend may be wondering what happened to him. We will provide more information when it’s available.