“With reference to the health of Sergio Marchionne, FCA communicates with profound sorrow that 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,” a statement issued by FCA in London read. “As a consequence, Mr. Marchionne will be unable to return to work.

“The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years,” the press release continued.

Marchionne was reported to have had surgery on his shoulder last month but hasn't been seen in public since.

A dual Italian and Canadian citzen, Marchionne became CEO of Fiat S.p.A. in 2004 then drove the merger between the Italian company and Chrysler Automobiles that began in 2009 when Fiat was given a 20% stake in Chrysler after it emerged from bankruptcy protection and he became CEO of both companies. Prior to becoming CEO of Fiat in 2004 Marchionne was CEO and Managing Director of Geneva-based SGS as well as an independent Fiat board member.

Stepping into the replace the 66-year-old Marchionne as FCA CEO comes Mike Manley, head of the Jeep and Ram brands who is regarded by many as one of the company's biggest executive success stories, the board naming him in preference to two of Marchionne’s regarded favourites, long time FCA senior manager, Alfredo Altavilla, now overseeing European operations, and Chief Financial Officer Richard Palmer.

Manley has been Head of Jeep brand since June 2009 and Head of Ram brand since October 2015. Prior to those roles, Mr. Manley was Chief Operating Officer for the Asia-Pacific region. He was also the lead Chrysler Group executive for the international activities of Chrysler outside of NAFTA, where he was responsible for implementing the co-operation agreements for distribution of Chrysler Group products through Fiat’s international distribution network.

Previously, Manley was Executive Vice President - International Sales and Global Product Planning Operations since December 2008. In this position, he was responsible for product planning and all sales activities outside North America. Manley joined DaimlerChrysler in 2000 as Director - Network Development, DaimlerChrysler United Kingdom, Ltd., bringing with him extensive experience in the international automobile business at the distributor level.

He holds a Master of Business Administration from Ashridge Management College in Ashridge, England, and a Bachelor of Science in engineering from Southbank University in London.

“The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO,” the statement issued by FCA confirmed. “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.”

“In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO,” the press release continued. “He will also assume responsibility for the NAFTA region. Mr. Manley and his management team will proceed with the implementation of the 2018 - 2022 Business Plan as presented on 1 June this year, a plan that will further assure FCA's strong and independent future.”

Meanwhile at Ferrari, where Marchionne combined the roles of Chairman and CEO, the positions are being split. “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,” read a statement from Ferrari. “The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of the company’s operation.”

Camilleri is a former Chairman of Philip Morris International and follows a path from the cigarette maker, a long-time sponsor of Ferrari, while the Scuderia’s Team Principal, Maurizio Arrivabene also having come from Philip Morris.