Ferrari shares plunge after Marchionne's withdrawal

The shares of the engine manufacturer from Maranello lost around four percent on the Milan stock exchange by midday on Monday. Ferrari boss Sergio Marchionne, who was apparently seriously ill, was replaced on Saturday by the Swiss Louis Carey Camilleri, previously chairman of the supervisory board of the tobacco company Philip Morris International.

As the Ferrari parent company Fiat Chrysler announced "with deep sorrow," the health of the Italian-Canadian Marchionne had "unexpectedly and drastically deteriorated as a result of an operation last week." After complications following an operation at the end of June, the 66-year-old is in an irreversible coma in the Zurich University Hospital, Italian media reported on Monday. There was initially no official confirmation. Marchionne's successor at the helm of Fiat Chrysler was appointed CEO of the Chrysler subsidiary Jeep, Briton Mike Manley, on Saturday. Marchionne had led Fiat for 14 years, saved the Turin company from bankruptcy and merged it with Chrysler.

Long-time Ferrari boss Luca di Montezemolo wished Camilleri much success. “Camilleri is a manager with great skills and international experience, as evidenced by his successful career at Philip Morris. I am sure that he will also achieve a lot at Ferrari. He has always been a Ferrari fan. "I was delighted by his appointment as Ferrari boss," said Montezemolo.

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Ferrari shares plunge after Marchionne's withdrawal

The change in the executive chair has led to a fall in Ferrari shares.

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