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Fiat Chrysler CEO leaving company due to health issues

Photo by Bill Pugliano/Getty Images(NEW YORK) -- Fiat Chrysler CEO Sergio Marchionne is leaving the company sooner than expected due to worsening health issues, the automotive company said Saturday.

According to a press release, Marchionne suffered from "unexpected complications" in his recovery from surgery, which have "worsened significantly in recent hours."

Bloomberg News says Marchionne had stepped away to have shoulder surgery.

The company says Marchionne will not be able to return to work. In his place, Mike Manley -- the head of Fiat Chrysler's Jeep and Ram brands -- will take over.

Manley's seat on the Board of Directors and his position as executive director is expected to be voted on at the next shareholder meeting. In the interim, the Board granted Manley the powers of CEO.

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