Fiat Chrysler names new CEO to replace ailing Marchionne

Fiat Chrysler chief Marchionne set to be replaced following health issue

FCA said this month that Marchionne, who held joint Italian and Canadian citizenship and was described by those who worked with him as a workaholic, had undergone shoulder surgery and was in recovery but then his situation deteriorated.

"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 said.

Fiat is considered a close-knit family, and FCA chairman John Elkann said he was "profoundly saddened to learn of Sergio's state of health. My first thoughts go to Sergio and his family", says Elkann.

FCA's board of directors met today to accelerate the CEO transition process in response to the news of Marchionne's health complications. It is a move that was not supposed to be announced or take effect until next year when Marchionne planned to retire.

Fiat Chrysler chief Marchionne set to be replaced following health issue

His imminent departure will be a blow too for FCA, Marchionne having saved Fiat from near-collapse in the mid-2000s and subsequently being the driving force behind the acquisition of Chrysler. Mr Marchionne also chairs truck and tractor maker CNH industrial.

Camilleri is a Ferrari board member and the former boss of tobacco company Philip Morris, the main sponsor of the Ferrari Formula 1 team. His credentials include running the profitable Jeep and Ram brands and he also built the company's presence in Asia. His worldwide background meant that he was perfectly-qualified to work for the tobacco firm, which he joined in 1978 as a business development analyst and four years later became the company's director of business development and planning. "I would ask everyone for their understanding in these circumstances and to respect Sergio's privacy and that of those who are dear to him".

"With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. 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 FCA statement read.

Heung-Min Son signs new deal until 2023
Tottenham said in a statement on their website that Son had agreed a new deal running until 2023. Son has emerged as one of Tottenham's key players under manager Mauricio Pochettino.

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