Sergio Marchionne will continue his tenure as CEO of Fiat Chrysler Automobiles for two more years besides what he originally agreed, which means he’ll stay with the company at least through 2018.

He plans to extend his stay at the helm to thoroughly oversee the just released combined five-year business plan, announcing his decision while answering media questions about the Fiat Chrysler Automobiles’ 2014-18 business strategy.

“I’m going to stay for the plan,” Marchionne, 61, said.

“I am confident that Sergio is staying with us,” added Fiat Group Chairman John Elkann. “We managed two more years. There’s no doubt that succession is an important topic, but it’s not an active topic.”

Since the beginning of the year the Italian press constantly speculated that Marchionne would decide to make his exit after the plan is unveiled, since a decade ago when he came as CEO he already managed in 2009 to steer Chrysler out of bankruptcy and eventually take full control for Fiat of the US affiliate at the beginning of the year.

Marchionne said that although he’s decided to extend his stay for the five-year business plan, he already has a talented and experienced management team, which – without giving any detail – also includes his eventual successor.

Via Automotive News Europe


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