Fiat, Ferrari boards to meet on Marchionne succession - report
(Adds details, context)
MILAN, July 21 (Reuters) - The boards of carmakers Fiat
Chrysler and Ferrari will meet separately on
Saturday to discuss succession plans for Sergio Marchionne, who
is chief executive of both carmakers and has been on medical
leave, Automotive News said.
The report, citing unnamed sources familiar with the matter,
also said Louis Carey Camilleri, a Ferrari board member and
former chairman of Philip Morris International, would be named
Ferrari's chief executive.
John Elkann, the scion of Italy's Agnelli family which
controls both Fiat Chrysler (FCA) and Ferrari, would be named
chairman at Ferrari, it added. Marchionne currently serves as
both CEO and chairman of the sportscar maker.
It was unclear if the board of FCA would also choose a
successor on Saturday.
Financial director Richard Palmer, head of European business
Alfredo Altavilla and Jeep brand boss Mike Manley are often
cited as possible candidates for Marchionne's replacement at
FCA, sources close to the company have told Reuters.
FCA and Ferrari declined to comment on the report.
Marchionne, widely credited with rescuing Fiat and Chrysler
from bankruptcy since he took the wheel of the Italian carmaker
in 2004, was due to step down at FCA and hand over to a
yet-to-be-named internal successor in April next year.
But the 66-year-old recently underwent shoulder surgery and
has been in recovery. He has not made a public appearance since
June 26, fuelling speculation about his health.
On Friday, FCA denied a report by website Lettera43 which
said Elkann, the FCA chairman, had summoned top executives for a
meeting on Saturday to discuss the distribution of Marchionne's
powers at FCA.
The board of trucks and tractor CNH Industrial,
another company controlled by the Agnellis and where Marchionne
is chairman, is also expected to meet Saturday to name a
replacement for the Italo-Canadian executive, Bloomberg said.
CNH could not immediately be reached for comment.
(Reporting by Agnieszka Flak
Editing by Mark Bendeich)
First Published: 2018-07-21 08:36:45
Updated 2018-07-21 09:36:37
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