Fiat Chrysler Automobiles has confirmed that Sergio Marchionne, the chairman and CEO of both FCA and Ferrari, will not return to work after suffering health complications following surgery.
The news was confirmed on Saturday evening, with Ferrari naming John Elkann as the company's new chairman. Former Philip Morris chairman Louis Camilleri is set to take over as Ferrari CEO in the coming days pending shareholder approval.
Marchionne, who was also Chairman and CEO of FCA, had been running Ferrari since taking over from Luca de Montezemolo in 2014.
"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.