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Fiat, Ferrari boards to meet on Marchionne succession - report

Reuters
Fiat Chrysler Automobiles CEO Sergio Marchionne leaves at the end of news conference in Balocco, northern Italy, June 1, 2018. REUTERS/Massimo Pinca/Files (Reuters)

MILAN (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.

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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)