Marchionne retirement plan on track

Sergio Marchionne

(GMM) Sergio Marchionne's plan to step down as president of the Ferrari parent Fiat Chrysler appears on track.

Reports in Italy said news that the 64-year-old's Italian-Canadian would step down in 2019 was already known.

"We have many good people who are able to succeed him," the Ansa news agency quoted Fiat Chrysler chairman John Elkann as confirming on Friday.

Earlier in 2017, La Gazzetta dello Sport said Marchionne "will stay at Ferrari until at least 2021, even after his planned exit from Fiat Chrysler".