On Saturday, CNH Industrial announced at the Board of Directors meeting that with deep regret Chairman Sergio Marchionne will be unable to return to work. The Board has therefore named Suzanne Heywood as chairman.

The Board will continue the process that is already under way to select a new CEO. In the meantime Derek Neilson will continue, in his role as the company’s Interim CEO, to ensure the company’s operational continuity.

In addition, the Board wishes to recognize the extraordinary leadership and commitment Sergio Marchionne brought to the company. Their thoughts go out to him and his family.

Earlier that day, MarketWatch posted the following:

Fiat Chrysler replaces ailing CEO Marchionne with Jeep unit boss

Fiat Chrysler CEO Sergio Marchionne, said to be suffering from serious postsurgical complications, is being replaced at the Italian-American company's helm by Mike Manley. Manley, who heads the company's Jeep and Ram operations, is 54 and British-born, according to a Crain's Detroit Business report. The charismatic 66-year-old Marchionne, born in Italy and raised in part in Canada, became chief executive of Fiat in 2004, several years before the Turin, Italy, company joined forces with the Detroit-based Chrysler. Fiat Chrysler Chairman John Elkann, scion of the Agnelli industrial empire that began with Fiat's founding, said in a statement emailed to MarketWatch that the turn in Marchionne's health and the need to enact a succession plan had been "unthinkable until a few hours ago."