Fiat Chrysler CEO Sergio Marchionne has abruptly announced his retirement from the car company he helped make profitable again Saturday.
In a statement from the company the 66-year-old underwent surgery over the past week and complications have worsened his condition - he will not be able to return to work.
Marchionne was appointed CEO in June 2009, when Chrysler emerged from Chapter 11 bankruptcy protection and the Fiat Group received a 20% stake in Chrysler Group LLC.
Unifor Local 444 President Dave Cassidy tells AM800 News the work he did for the company will continue.
"The brink when we didn't know what Chrysler was going to be, we've had a few owners over the years," he says. "He's really been the voice for auto throughout the world and with this announcement today Fiat Chrysler is going to continue."
The Board of Directors of FCA held a meeting Saturday calling Marchionne family and "underlined the extraordinary contribution, both human and professional, that he has made to the company in these years."
Something Cassidy agrees with whole heartedly.
"People think that when you're a CEO you're kind of ruthless to get to the top," says Cassidy. "Truthfully he was a car guy and he did what was right for the business, but he also kept in mind the workers."
During that same meeting the board named Jeep executive Mike Manley as the new CEO.
"He did head up the NAFTA division so he's well versed in our product, Canadian product," he says. "Hopefully he's going to continue with that voice for auto in Canada."
Cassidy says he's confident Manley and his management team will continue the implementation of a five-year business plan presented earlier this year — a plan the company expects will carry them in to a more profitable future.