BREAKING: Marchionne steps down from Ferrari due to health concerns

Fiat has confirmed that Sergio Marchionne has stepped down from his position as CEO and FCA of Ferrari, and will not be returning to work. It comes after Marchionne underwent surgery but then suffered complications following the procedure.

John Elkann has been named as the companies new CEO with Former Philip Morris chairman Louis Camilleri is set to take over as Ferrari CEO. Marchionne had been running Ferrari since 2014, taking over from Luca de Montezemolo.

A statement from Ferrari thanked Marchionne for his work and leadership.

"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.

"The Board's thoughts are with Sergio Marchionne and his family and it is grateful for the extraordinary contribution he has made in recent years at the helm of Ferrari.

"The Board has named John Elkann as Chairman and will propose to Shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO.

"The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of the company's operation."

In a separate statement, Elkann said that the decision had been accelerated due to circumstances with Marchionne's health but that the structuring of a new leadership was well underway.

"With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours. As a consequence, Mr. Marchionne will be unable to return to work.

"The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years. The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.

"In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region. Mr. Manley and his management team will proceed with the implementation of the 2018 -- 2022 Business Plan as presented on 1 June this year, a plan that will further assure FCA's strong and independent future."