Report: Sergio Marchionne's health worsening as he remains in ICU

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DETROIT – Longtime head of Fiat Chrysler Automobiles, Sergio Marchionne, remains in intensive care.

This is according to local media in Italy, where Marchionne is said to be in "very serious" condition.

UPDATE: Sergio Marchionne dies

His current medical situation is due in part to complications from a shoulder surgery he underwent late last month.

FCA chair John Elkann released a statement saying he was "profoundly saddened" to hear of Marchionne's worsening health.

This comes after Marchionne stepped down from his position Saturday -- with Mike Manley named as his successor.

The nomination of Mike Manley for CEO of Fiat Chrysler marks a turning point for the carmaker. It puts a brand with historic Italian roots in the hands of someone with no ties to Italy -- a Brit who showed his mettle by growing the quintessentially American Jeep into a global brand. 

Manley has been one of the closest collaborators with the company's longtime leader Sergio Marchionne and had been seen as a possible successor. Those plans were pushed up after Marchionne's health deteriorated.

About the Author:

Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Planner™ Professional.