John Elkann Appointed Chairman Of Ferrari, Replaces Sergio Marchionne

Ferrari's Board have named John Elkann as their new Chairman after announcing that Sergio Marchionne will be unable to return to work. Ferrari's board will propose to shareholders, in a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO. In a statement issued on Saturday evening, the Maranello-based company said that the Board of Directors of Ferrari learned with deep sadness during its meeting today that chairman and CEO Sergio Marchionne will be unable to return to work.

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"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."

Marchionne was both CEO and chairman of Ferrari and has also been replaced as Fiat Chrysler CEO. Marchionne was due to step down as head of Fiat Chrysler in spring next year, but planned to stay on as Ferrari chairman and CEO until 2021.

Marchionne, 66, was credited with rescuing Fiat and Chrysler from bankruptcy after taking the Italian carmaker's wheel in 2004. On Saturday he was also replaced as chairman and CEO of Ferrari and chairman of tractor maker CNH Industrial - both spun off from FCA in recent years.