July 23, 2018 / 7:31 AM / a month ago

Fiat Chrysler, Ferrari shares fall 5 percent on Marchionne health crisis

MILAN (Reuters) - Shares in Fiat Chrysler and Ferrari fell more than 5 percent on Monday after CEO Sergio Marchionne fell seriously ill when suffering complications from surgery, prompting a premature change at the helm of both companies.

FILE PHOTO - Fiat Chrysler Automobiles (FCA) headquarters are seen in Turin, Italy, July 21, 2018. REUTERS/Massimo Pinca

Jeep division head Manley was named on Saturday to succeed Marchionne as CEO of Fiat Chrysler.

Ferrari named FCA Chairman and Agnelli family scion John Elkann as new chairman of the luxury sportscar group, while board member Louis Camilleri becomes chief executive. Trucks and tractor maker CNH Industrial appointed Suzanne Heywood to replace Marchionne as chairman.

By 0714 GMT, FCA shares were down 3.6 percent, Ferrari down 4.6 percent, CNH Industrial down 3.7 percent, while Exor, the investment holding of the Agnelli family that controls all three companies, was trading down 3.8 percent.

Reporting by Agnieszka Flak; editing Francesca Landini

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