Ferrari and Fiat Chrysler chairman Sergio Marchionne has been forced to stand down from his roles at both automotive companies due to declining health.
Marchionne had been due to step down next April, however Fiat Chrysler Automobiles N.V (FCA) has confirmed it has taken the step to replace Marchionne with immediate effect due to ill health, which came about following surgery.
"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," read a statement.
"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."
Mike Manlay will take up the role of CEO, with FCA shareholders also proposing that he be elected executive director.
A statement from Ferrari confirmed that John Elkann would take over as chairman, with a recommendation that Louis C. Camilleri be named as CEO.
Related: Who is Louis Camilleri?
"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," added a statement from the Italian supercar company.
"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."
Elkann called for Marchionne and his family's privacy to be respected and described working with the Italian-Canadian businessman a "privilege".
"I am profoundly saddened to learn of Sergio’s state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice. My first thoughts go to Sergio and his family.
"The succession plans we have just announced, even if not without pain from a personal point of view, mean we can guarantee the maximum possible continuity, preserving our companies’ unique cultures.
"It has been my privilege to have had Sergio at my side for all these years. 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."
