Sergio Marchionne's health worsening as he remains in ICU

Sergio Marchionne retires

Sergio Marchionne retires

The brand also grew internationally, especially in China, under Manley. Much of Fiat Chrysler's profits come from the Ram pickup, especially in the U.S.

Manley had worked as DaimlerChrysler's head of network development in Britain since 2000, having earlier worked for several years in auto dealership.

"This is a very important person for Formula 1", said Mercedes team principal Toto Wolff.

Wolff spoke Saturday, a day before the running of the German Grand Prix in Hockenheim. However, health issues have seen him replaced by FCA chairman Elkann.

A statement from Ferrari confirmed that John Elkann would take over as chairman, with a recommendation that Louis C. Camilleri be named as CEO. Manley, 54, had been heading the Jeep brand since June 2009 and the Ram brand from October 2015.

Manley, a European like Marchionne, has 18 years of experience at the company and led Jeep to consistently outperform itself in year-over-year sales.

CNH manufactures farm equipment, trucks, buses and other vehicles. Camilleri previously held the title of Philip Morris International chairman, a company with a strong and lengthy link with Ferrari, and is a member of the Ferrari board.

Ferrari and Fiat Chrysler chairman Sergio Marchionne has been forced to stand down from his roles at both automotive companies due to declining health. No succession plans had been announced and it was widely expected that Marchionne would remain on in some capacity, even after giving up the reins of Fiat Chrysler Automobile.

Sergio Marchionne Chief Executive Officer of Fiat Chrysler Automobiles, smiles as he answers a question during a press conference at the 2018 North American International Auto Show in Detroit Michigan
Marchionne was one of the better-liked industry execs Credit JEWEL SAMAD /AFP

Fiat Chrysler aid on Saturday that boss Sergio Marchionne, 66, would not be returning to work because he was gravely ill.

Shares in Fiat Chrysler Automobiles have dropped 4 percent in the first trading since news that the Italian-American automaker's longtime CEO, Sergio Marchionne, has been replaced unexpectedly due to complications from surgery.

Marchionne, a 66-year-old Italian-Canadian, joined Fiat in 2004 and led the Turin-based company's merger with bankrupt US carmaker Chrysler. By recognizing the potential of the Jeep brand, spinning off the luxury Ferrari marque, and pivoting early away from low-margin cars toward more profitable SUVs, he was able to revive Fiat Chrysler, and cut net debt to zero, Bloomberg reports.

He was a gift to investors, including Italy's Agnelli family, through 14 years of canny dealmaking, growing Fiat's value 11 times, helped by spinoffs of tractor maker CNH Industrial NV and Ferrari NV.

A Ferrari statement said the company had learned of Marchionne's condition "with deep sadness" and thanked him for "the extraordinary contribution he has made in recent years at the helm of Ferrari".

Marchionne engineered both the turnarounds of Italian carmaker Fiat, which he took over in 2004, and Chrysler, which Fiat acquired in 2009 in a deal with the USA government, creating the world's seventh-largest carmaker out of two formerly dysfunctional entities.

Marchionne is credited with engineering the takeover of the struggling Chrysler during its bankruptcy and returning the company to profitability.

A proposal has been put forward for Mike Manley, head of the Jeep company, to be proposed as the new Fiat CEO at the next shareholder's meeting.

Smallville Star Allison Mack Faces More Charges For Role in Sex Cult
Women were also expected to be subservient to "masters", prosecutors said, including giving in to demands for sex. Bronfman is a daughter of the late billionaire philanthropist and former Seagram chairman Edgar Bronfman Sr.

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