John Elkann named Ferrari chairman as Marchionne battles health issues

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The long time boss of Fiat Chrysler Automobiles has been replaced by Mike Manley, the head of the corporation's Jeep division, with immediate effect.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

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.