Sergio Marchionne

Sergio Marchionne, CEO of Fiat SpA and Chrysler, intends to retire at the end of 2018, reports The Detroit News.

Marchionne will step down after completing a five-year turnaround plan for the new Fiat Chrysler Automobiles NV.

Talking to Bloomberg Businessweek, Marchionne said he will “undoubtedly do something else” after the plan, outlined earlier this year, has run its course. “I am not going to do any more turnarounds,” he told the weekly business magazine. “I’m done; let some of the young punks do it.”

Source: The Detroit News