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Marchionne, 66, was credited with rescuing Fiat and Chrysler from bankruptcy after taking the wheel at the Italian carmaker in 2004. Ferrari, where Marchionne was also replaced at the helm, shed 5 per cent.

Michael Manley, who has replaced Sergio Marchionne as chief of Fiat Chrysler (FCA) after the latter became seriously ill following complications from shoulder surgery, was previously head of the group's Jeep brand, for which he managed to push sales through the one-million mark past year.

While the company offered no details as to the nature or extent of Marchionne's issues, it says in a statement that the former CEO's health problems have "worsened significantly in recent hours" and he is "unable to return to work".

The Wall Street Journal reported Saturday that Marchionne had been absent from day-to-day activities at FCA for weeks.

The departure of Alfredo Altavilla, chief operating officer for the region, deprives new Fiat Chrysler CEO Mike Manley of crucial management experience as he tries to steady the ship following the sudden loss of Marchionne, who was forced to relinquish his post of 14 years due to declining health.

Marchionne's biggest coup will be seen as the merger with the then moribund Chrysler Group, which had just emerged from Chapter 11 bankrupcy in 2009 when Fiat, along with the United Autoworkers Union and the Canadian Government were the major investors.

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Fiat Chrysler's (FCHA.MI) European boss has quit, adding to the problems facing new CEO Mike Manley who must deliver on promises to boost production of SUVs and catch up with rivals in electric cars. Since taking over, he has overseen the growth of Jeep in the USA and is responsible for the brand's big push into the European market. His credentials include running the profitable Jeep and Ram brands and he also built the company's presence in Asia.

The passenger-car brands of Fiat and Chrysler have been less profitable.

LOUIS CAMILLERI The new Ferrari CEO was already a board member at the luxury sportscar maker before his latest appointment. The board of CNH also named Suzanne Heywood as chairwoman, tapping a managing director of the Fiat-founding Agnelli family's Exor investment holding company.

FCA CEO Sergio Marchionne and Alfredo Altavilla Chief Operating Officer EMEA pose next to the new Alfa Romeo vehicle Giulia during an event at an FCA plant in Cassino, southern Italy, November 24, 2016. Along with FCA, the companies are controlled by Italy's Agnelli family.

The passenger-car brands of Fiat and Chrysler have been less profitable.