Fiat Chrysler replaces CEO Sergio Marchionne for health reasons

Updated at 1:32 p.m. with details.

"The Board of Directors of Ferrari NV learned with deep sadness during its meeting today that Chairman and CEO Sergio Marchionne will be unable to return to work", a Ferrari statement read.

Fiat Chrysler Automobiles named Mike Manley, the head of its Jeep and Ram brands, to replace ailing CEO Sergio Marchionne at the helm of the world's eighth-largest automaker, according to Reuters.

Kent-born Manley joined DaimlerChrysler in 2000, taking over as boss of Jeep in 2009.

This has also prompted succession plans at sportscar maker Ferrari and truck and tractor maker CNH Industrial, spun off from FCA in recent years.

"The Board resolved to accelerate the CEO transition process that has been proceeding over the past months".

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Marchionne was reported to have had surgery for a shoulder problem about three weeks ago in Switzerland.

A statement from Ferrari confirmed that John Elkann would take over as chairman, with a recommendation that Louis C. Camilleri be named as CEO.

Elkann didn't give details of Marchionne's health problems, adding that his "first thoughts go to Sergio and his family". He asked everyone to respect Marchionne's "privacy and that of all those who are dear to him".

Elkann is a grandson of the late Gianni Agnelli, the longtime Fiat dynasty chieftain.

Marchionne, an Italian-Canadian, joined Fiat in 2004 and led the Turin-based company's merger with bankrupt US carmaker Chrysler as well as the spin-off of luxury sports vehicle maker Ferrari. He already sits on the Ferrari board. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.

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