Illness forces Marchionne out of Ferrari

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Ferrari announced that Louis Camilleri, an Egyptian-board Maltese and longtime executive at Philip Morris International, the tobacco company, was chosen to replace Marchionne as CEO of the sports vehicle maker.

Ferrari, were Marchionne had been both chairman and CEO, named FCA Chairman and Agnelli family scion John Elkann as new chairman, while board member Louis Camilleri becomes chief executive, the luxury carmaker said in a separate statement.

Manley had worked as DaimlerChrysler's head of network development in Britain since 2000, having earlier worked for several years in vehicle dealership.

Most recently, Hyundai has been mooted as a potential candidate, although Fiat Chrysler denied any talks were taking place.

Fiat Chrysler aid on Saturday that boss Sergio Marchionne, 66, would not be returning to work because he was gravely ill. A Fiat Chrysler sign is seen outside the Chrysler World Headquarters in Auburn Hills, Mich., in this file photo.

Ferrari NV, with Marchionne as chairman, begins trading in NY with a market value of about $10 billion. His credentials include running the profitable Jeep and Ram brands and he also built the company's presence in Asia. FCA's success has been anchored by Ram and Jeep, although the company has been less successful in the United States with Fiat, Alfa Romeo, and Chrysler. The board of CNH also named Suzanne Heywood as chairwoman, tapping a managing director of the Fiat-founding Agnelli family's Exor investment holding company.

The passenger-car brands of Fiat and Chrysler have been less profitable.

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Marchionne had previously said he planned to stay on as Ferrari Chairman and CEO until 2021.

Next corporate results are set to be released on July 25.

"Marchionne did an extraordinary job", tweeted former Italian Premier Paolo Gentiloni.

Marchionne took over as president of Ferrari in 2014 from Luca Di Montezemolo, who served more than 20 years in the role.

The announcement, made at the end of an rapidly convened board meeting, marks the end of the Marchionne era, which included managing the turnaround of failing Fiat, the takeover of Chrysler and spinning off the heavy machinery and truckmaker CNH and sportscar maker Ferrari.

"This is a very important person for Formula 1", said Mercedes team principal Toto Wolff.

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