Fiat Chrysler replaces CEO Sergio Marchionne for health reasons

The boards of FCA and sportscar maker Ferrari, where Marchionne is both chairman and CEO, were meeting on Saturday to discuss succession, two other sources had said.

Fiat Chrysler Automobiles' board of directors has recommended that Jeep executive Mike Manley replace seriously ill Sergio Marchionne as CEO of the automaker. The sports auto maker also announced a replacement, naming Fiat Chrysler chairman John Elkann as his successor.

Elkann didn't give details of Marchionne's health problems, adding that his "first thoughts go to Sergio and his family".

Camilleri, 63, was born in Malta and was chairman of the Philip Morris tobacco firm, a long-time sponsor of Ferrari's F1 team, until 2014.

Marchionne had shoulder surgery three weeks ago, and his recovery is taking longer than expected because of unexpected complications, according to a statement from the company.

"The Board has named John Elkann as Chairman and will propose to Shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO".

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Marchionne has overseen numerous changes that have returned Ferrari to success in recent years and was heavily involved in decisions on driver line-up and the team's overall direction.

Marchionne will be unable to return to work.

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

Known for sleeping only briefly each night, Marchionne, who is also a lawyer, was holding multiple leadership roles in the companies, notably as CEO of FCA - Fiat Chrysler Automobiles, as well as CEO and chairman of Ferrrari.

"In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO".

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