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Fiat Chrysler shares dip on end of Marchionne era

ROME (AFP) - 

Shares in auto giant Fiat Chrysler, which has replaced its emblematic boss Sergio Marchionne due to serious health issues, dropped on the Milan stock exchange on Monday.

As trading got under way, Fiat Chrysler Automobiles (FCA) dropped 4.3 percent, while Ferrari lost 5.3 percent and CNH Industrial lost 4.2 percent. The three groups are controlled by the Agnelli family.

By 10:15 am (0815 GMT), FCA's stock had started to recover, edging upwards to a 2.6 percent loss. Ferrari was down 1.8 percent while CNH Industrial lost 2.7 percent.

The losses came after Marchionne stepped down Saturday after 14 years heading Fiat. The 66-year-old suffered serious complications following surgery on his right shoulder last month and "will not come back to work," according to the Fiat Chrysler group.

The Italian-Canadian executive had taken the helm at Fiat in 2004 and had already been planning to step down next year.

He will be replaced by Briton Mike Manley, head of the FCA's iconic Jeep brand.

Marchionne's duties as head of the luxury carmaker Ferrari will be taken over by Louis Carey Camilleri, CEO of tobacco giant Philip Morris, which has enjoyed four decades of sponsorship to the sports car brand.

© 2018 AFP