FCA shares dip 4 percent in trading after Marchionne exit

Ferrari Chairman Sergio Marchionne

On Saturday, he was also replaced as chairman and CEO of Ferrari and chairman of tractor maker CNH Industrial - both spun off from Fiat Chrysler Automobiles in recent years. Some of the debt carried at 12 percent interest rate and cost the company $1.2 billion in interest per year.

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.

Sergio Marchionne has stepped down as the chief executive of Fiat Chrysler Automobiles and Ferrari.

International, would replace Marchionne as CEO of the sports vehicle maker.

Fiat Chrysler Automobiles' top executive position is changing hands after almost a decade under the leadership of Sergio Marchionne.

Under his tenure, Jeep turned into a global brand becoming, together with Ram, FCA's profit engine. "It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice".

As thoughts go out to Marchionne and his family, John Elkann, Chairman of Exor, released a statement.

Marchionne "helped illustrate the power of foresight and confidence and being able to make bold moves", Brauer said.

Marchionne resurrected one of Italy's biggest corporate names and revitalized Chrysler, succeeding where the US company's two previous owners - Mercedes parent Daimler and private equity group Carberus - both failed.

Ferrari announced that Louis Camilleri, an Egypt-born Maltese and longtime executive at tobacco company Philip Morris International, would replace Marchionne as CEO of the sports auto maker.

Briton Mike Manley, former head of the Jeep division of Fiat, has been named as chief executive of the Fiat Chrysler group.

In his time at Ferrari, Marchionne ruffled feathers, both within the company and in F1.

The departure of Alfredo Altavilla, chief operating officer for the region, deprives new Fiat Chrysler CEO Mike Manley of crucial management experience as he tries to steady the ship following the sudden loss of Marchionne, who was forced to relinquish his post of 14 years due to declining health.

He meant to step down from his role as CEO in April next year, and he laid out a plan for FCA to become the United State's most profitable automaker over the next five years. Marchionne has also been replaced at luxury carmaker Ferrari, down 3-4 percent in premarket, and CNH Industrial.

Analysts said that choosing the 54-year-old Manley, under whose watch Jeep's sales surged fourfold, sent a clear message that FCA was staying on course and would keep the Jeep brand at the heart of its growth plan.

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