Fiat CEO Sergio Marchionne is planning to step down at the end of 2018 after completing five-year turnaround plan for the new Fiat Chrysler Automobiles NV, reported The Detroit News.
The merger has been in works for a long time, and back in Janruary Fiat shelled out up $4.35bn for complete ownership of Chrysler.
Bloomberg Businessweek reported Marchionne saying "I am not going to do any more turnarounds," he told the weekly business magazine. "I'm done; let some of the young punks do it."
Earlier in May, Marchionne said he would remain as CEO through at least 2018, while presenting the new five-year business plan.
Marchionne wass responsible for turning around Fiat and masterminding the complete acquisition and turnaround of Chrysler that led to the creation of Fiat Chrysler Automobiles.
There are no words about his successor, but reports suggest that the role of the CEO could be split into multiple roles.
