An Urgent Meeting Has Been Called by the FCA Board to Find the Successor to Marchionne

An Urgent Meeting Has Been Called by the FCA Board to Find the Successor to Marchionne

Business Press Release

FCA Board had called the boards of Fiat Chrysler, CNH Industrial, and Ferrari over for urgent meetings on Saturday in Italy concerning the recent surgery and prolonged recovery of executive Sergio Marchionne.

The Free Press informed that they could expect an announcement on the future of Fiat Chrysler on early Saturday afternoon in Detroit.

In Turin, the boards were summoned to separate meetings, and it is also the headquarters of Fiat, where their national newspaper, The La Stampa daily had said that the boards had come in to discuss who the successor to Marchionne would be. The Italian-Canadian, Marchionne, who is 66 years old, holds different positions of leadership in all these companies, most notable location being the CEO of Fiat Chrysler Automobiles.

It expected that the boards would come up with their responses later on Saturday.

Marchionne had undergone surgery in his shoulder three weeks back in Switzerland, and the newspaper, Corriere Della Sera reported this news. There are indications through the news reports that the time to recover from the surgery is taking much longer than what it initially expected.

Marchionne has been the CEO of Fiat since the year 2004, and he has said for quite some time about the fact that he intends to quit from his position as the CEO of FCA automobile manufacturer in the year 2019.

The time which he has spent so far by being the CEO of the Italian automaker, Marchionne has overseen the merger that has taken place between Fiat and Chrysler, which is a bankrupt U.S. carmaker.

Marchionne also serves as the Chairman and CEO of Ferrari, along with being the Chairman of CHH Industrial that manufactures trucks, buses, farm equipment and many other vehicles.

As the CEO of Fiat Chrysler, Marchionne had made his last major presentation in the early part of June. Through that presentation, he had announced a significant investment for making more number of electric cars, though traditional engines would dominate the production.