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Ferrari's New President Will Call it Quits in 2018

Actually, he's also the head of Fiat-Chrysler too.

Fiat-Chrysler CEO Sergio Marchionne has certainly made name for himself over the past several years. He took the helm of Fiat SpA back in 2004 and since then he’s managed to triple the Italian automaker’s revenue and operating profit. He’s also been working on a revival of Alfa Romeo and, perhaps most famously, he successfully managed the merger of Fiat and Chrysler. The latter is now a healthy company once again thanks to him. His latest job title? President of Ferrari.

It’s quite an undertaking for Sergio Marchionne to manage all of those responsibilities and now he’s stating that he’ll call it quits entirely in 2018. Speaking to Bloomberg, Marchionne will step down from his current position as CEO of Fiat-Chrysler after completing a five-year strategic plan to expand the combined brands. His specific goal is to increase net income to roughly $6.3 billion by 2018. That will also involve expanding Jeep brand sales to 1.9 million units annually. The question now is who will take his place? More than likely his job will be divided up among several people. But Marchionne made his plans very clear: "I am not going to do any more turnarounds. I’m done; let some of the young punks do it."

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