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Ferrari boss Marchionne steps down from role due to sudden illness

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Ferrari and Fiat Chrysler Automobiles chairman Sergio Marchionne has been forced to leaves from his roles at both automotive companies due to suffering health complications following surgery.

A statement said: ‘The Board of Directors of Ferrari NV (“Ferrari”) (NYSE/MTA: RACE) learned with deep sadness during its meeting today that Chairman and CEO Sergio Marchionne will be unable to return to work.

“The Board’s thoughts are with Sergio Marchionne and his family and it is grateful for the extraordinary contribution he has made in recent years at the helm of Ferrari.

“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.

“The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of the company’s operation.”

In a separate statement, Fiat Chrysler said: “during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.”

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