According to Reuters, Marchionne had meant to remain as Chairman and CEO of Ferrari until 2021.
Ferrari's Board have named John Elkann as their new Chairman after announcing that Sergio Marchionne will be unable to return to work.
Marchionne, 66, a native of Chieti, Italy, wont return to the Italian-American automaker or at race auto manufacturer Ferrari NV after he has been out for several weeks for a health matter, FCA says. A Fiat Chrysler sign is seen outside the Chrysler World Headquarters in Auburn Hills, Mich., in this file photo.
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For all the product initiatives led by Marchionne, he's perhaps equally renowned for aggressively touting the need for a further automotive merger, even while spinning off both Ferrari and CNH.
It also unveiled bold targets for Jeep, which has become FCA's ticket to creating a high-margin brand with global appeal. FCA's success has been anchored by Ram and Jeep, although the company has been less successful in the United States with Fiat, Alfa Romeo, and Chrysler.
Marchionne had planned to step down as CEO early in 2019.
Elkann is the grandson of Gianni Agnelli, and serves as chairman and CEO of EXOR, the holding and investment company owned by the Agnelli and Elkann families.
Marchionne made his last major presentation as CEO of Fiat Chrysler in June, unveiling the company's plans through 2022.
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The passenger-car brands of Fiat and Chrysler have been less profitable.
In addition to Manley, Chief Financial Officer Richard Palmer, Europe chief Alfredo Altavilla was a leading candidate, according to people familiar with the matter, according to a report by Bloomberg. The next corporate results are to be released on July 25.
On the eve of the running of the F1 Grand Prix in Germany on Sunday, Mercedes head of motorsport Toto Wolff expressed concern about his rival Marchionne.
"This is a very important person for Formula 1", said Mercedes team principal Toto Wolff.
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