Fiat Chrysler shares drop after Sergio Marchionne quits due to ill health
Marchionne has suffered serious complications following surgery on his shoulder in June and ‘will not come back to work’, the vehicle giant says
Rome — Shares in vehicle giant Fiat Chrysler dropped on the Milan stock exchange on Monday, after its boss of 14 years, Sergio Marchionne, stepped down at the weekend due to serious health issues. As trading got under way, sister companies Fiat Chrysler Automobiles (FCA), Ferrari and CNH Industrial saw their shares dip more than 4% each. The three groups are controlled by the Agnelli family. By 8.30am GMT, FCA’s stock had recovered significantly, edging upwards to a 1.4% loss. Ferrari was down 1.8% while CNH Industrial lost 2.3%. The losses came after Marchionne stepped down on Saturday after 14 years at the helm of Fiat. The 66-year-old suffered serious complications following surgery on his right shoulder in June and "will not come back to work", according to the Fiat Chrysler group. The Italian-Canadian executive had taken the reins at Fiat in 2004. He revamped Fiat, Italy’s premier private enterprise, from top to bottom. In 2009, he merged Fiat with US vehicle maker Chrysler, th...
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