Health Crisis For Chrysler CEO Sergio Marchionne, Ferrari Board Member Leaving Company
Chrysler CEO Sergio Marchionne has stepped down from his role at the major car company amidst a health crisis. The Detroit Free Press reports that boards at CNH Industrial, Fiat Chrysler, and Ferrari are in a frenzy to find a successor.
The Ferrari board member recently had shoulder surgery in Switzerland and a long recovery period will interfere with his duties at Chrysler.
Marchionne has been an important member of the company and leads talks on what will become of the F1 Ferrari model in 2021.
Motorsport.com reports four potential successors, including Mike Manley of Jeep, Pietro Gorlier of Magneti Marelli, financial director Richard Palmer, and EMEA manager of the group, Alfredo Altavilla.
Ferrari’s favorite to succeed Marchionne is allegedly former Philip Morris chairman, Louis Carey Camilleri.
Fiat and Ferrari have not yet commented on these reports.
Earlier this year, Fiat Chrysler invested in a Michigan factory and made the decision to spend a whopping $1 billion to modernize the plant. It also awarded $2,000 in bonuses to both salaried and hourly U.S. employees according to the Inquisitr. Employees were also given the option of receiving profit-sharing and performance-related benefits from the company in addition to the bonus.
Marchionne released a statement that the developments were proof of their dedication to the U.S. manufacturing industry and those employed by FCA. The venture was part of the company’s zest to reorganize their efforts in the U.S.
President Trump jumped in on the action and praised the decision on Twitter, claiming that the corporate move was made possible by recent tax cuts and reform.
“More great news as a result of historical Tax Cuts and Reform: Fiat Chrysler announces plan to invest more than $1 BILLION in Michigan plant, relocating their heavy-truck production from Mexico to Michigan, adding 2,500 new jobs and paying $2,000 bonus to U.S. employees!” The president tweeted.
More great news as a result of historical Tax Cuts and Reform: Fiat Chrysler announces plan to invest more than $1 BILLION in Michigan plant, relocating their heavy-truck production from Mexico to Michigan, adding 2,500 new jobs and paying $2,000 bonus to U.S. employees! pic.twitter.com/47azKD0l9B
— Donald J. Trump (@realDonaldTrump) January 12, 2018
It was noted at the time that the speedy changes at Fiat Chrysler had another motive, as Trump had made it known that he wanted the U.S. to exit the North American Free Trade Agreement at the time. Concerns had been raised to the Trump administration about the effects of leaving NAFTA on the automotive industry.
The auto industry advised the president against withdrawing from NAFTA, but the move to modernize the Michigan plant effectively positioned Chrysler to survive financial shake-ups.
Trump had said that he was willing to give carmakers a break on fuel economy standards and asked that they hire more workers in exchange.
