Marchionne set to retire after 2018

Sergio Marchionne
Sergio Marchionne

Fiat-Chrysler CEO and Ferrari President Sergio Marchionne says he plans to retire after 2018.

Speaking at the North American International Auto Show in Detroit this week, the 64-year-old

Canadian-Italian who took the reins of Fiat in 2004 and of the merged Fiat-Chrysler entity in 2009, said he had no intention of remaining at the helm of the automotive group beyond 2018.

Marchionne reiterated what he had already said in 2014 when the architect of Fiat's merger with Chrysler said that he would step down after completing a five-year strategic plan to expand the combined carmakers.

"I’ll undoubtedly do something else", Marchionne told Bloomberg.

"I am not going to do any more turnarounds. I’m done; let some of the young punks do it."

There's no doubt that Marchionne, who took over Ferrari from Luca di Montezemolo in 2014, would love to leave on a high, with the Scuderia clinching a world championship under his leadership although that appears to be a tall order right now.

As for who would succeed the manager at Maranello, it is already known that Fiat-Chrysler Chairman John Elkann, 40, will not be a candidate.

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