Fiat Chrysler Automobiles have confirmed that Ferrari CEꦕO and chairman Sergio Marchionne will be "unable to return to work" due to declinin💛g health in recent hours.

Marchionne, 66, took over as Ferrari CEO and chairman following the resignation of Luca di Montezemolo in Septemberꦡ 2014, combining the role with his position overseeing the FCA group, of which Ferrari is part of.

Reports in recent days claimed the FCA board was meeting to discuss a succession plan for Marchionne amid suggestions of his ailing health, with the latest meeting taking place 🅺on Saturday.

In a statement issued by FCA, Marchionne was confirmed to be unable to return to work as a result of his state of 🃏health.

"With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that t✨hese have worsened si𒐪gnificantly in recent hours," the statement reads.

"As a consequence, Mr. Marchionne will be unable to return to work. The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the ext🔴raordinary contribution, both human and professional, that he has made to the Company in these years."

Ferrari followed this statement confirming that Marchionne would be replaced as CEO by ♛Camilleri, while current vice-chairman John Elkann will take over as chairman.

"The Board of Directors of Ferrari learned with deep sadness duꦦring its meeting today that Chairman and CEO Sergio Marchionne will be unable to return to work," the statement reads.

"The Board’s thoughts are with Sergio Marchionne and his family and it is grateful for the extraordinary contribution🌊 he has made in recent years at the helm of Ferrari.

"The Board has named John Elkann as Chairman and will propose to Shareholders, at a me꧟eting to be called in the coming days, that Louis C. Camilleri be named as CEO. The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of 🦩the company’s operation."

"I am profoundly saddened to learn of Sergio’s ꧑state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice," Elkann said in a statement.

"My first thoughts go to Serg💜io and his family. What struck me about Sergio from the very beginning, whe𓆉n we met to talk about the possibility of him coming to work for the Group, even more than his management skills and unusual intelligence, were his human qualities, his generosity and the way he understood people."