ROME (AP) - Fiat Chrysler's board recommends Jeep executive Mike Manley to replace seriously ill CEO Sergio Marchionne.
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."
Marchionne, 66, had already announced he would step down in early 2019, so the board's decision, to be confirmed at an upcoming shareholders' meeting, will "accelerate" the CEO transition process.
Marchionne, an Italian-Canadian, joined Fiat in 2004 and led the Turin-based company's merger with bankrupt U.S. carmaker Chrysler as well as the spin-off of luxury sports car maker Ferrari.
BREAKING: Fiat Chrysler's board recommends Jeep executive Mike Manley to replace seriously ill CEO Sergio Marchionne.
— The Associated Press (@AP) July 21, 2018
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7/21/2018 12:25:55 PM (GMT -4:00)