John Elkann named Ferrari chairman as Marchionne battles health issues

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Following a sudden deterioration of Sergio Marchionne's health this weekend, Fiat Chrysler and Ferrari have confirmed changes at the helm of the two companies.

The long time boss of Fiat Chrysler Automobiles has been replaced by Mike Manley, the head of the corporation's Jeep division, with immediate effect.

More importantly for Formula 1 however, with regard to Ferrari, the company's board of directors "had learned with deep sadness during its meeting today that the company's chairman and CEO Sergio Marchionne will be unable to return to work".

Ferrari has named John Elkann as chairman and will propose to shareholders that Louis Camilleri be named as CEO.

Sergio Marchionne recently underwent surgery, and it is believed that unexpected complications which arose during his recovery have considerably worsened in recent hours.

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