The Latest: Fiat Chrysler exec quits after Marchionne exit

MILAN (AP) — The Latest on the sudden replacement of Fiat Chrysler CEO Sergio Marchionne (all times local):

2:55 p.m.

Fiat Chrysler Automobiles says that the executive in charge of its business in Europe and the Middle East has resigned following long-time CEO Sergio Marchionne's early exit due to his deteriorating health.

Alfredo Altavilla resigned Monday, days after the board named the head of Jeep, Mike Manley, to replace the 66-year-old Marchionne as CEO after 14 years in the role. Altavilla, 54, was considered one of the top contenders for the job, and played a key role in the talks for Fiat to acquire Chrysler.

Shares in FCA were down 3 percent as investors reacted to Marchionne's premature exit.

FCA said Manley would run Europe on an interim basis. Manley was leading his first executive council meeting in Turin ahead of second-quarter earnings Wednesday.

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9:25 a.m.

Shares in Fiat Chrysler Automobiles have dropped 4 percent in the first trading since news that the Italian-American automaker's longtime CEO, Sergio Marchionne, has been replaced unexpectedly due to complications from surgery.

FCA shares opened Monday at 15.70 euros in volatile Milan trading. The losses weighed on the Milan stock exchange overall, where the heft of FCA pulled down the benchmark FTSE MIB by nearly 1 percent.

The FCA board on Saturday named long-time Jeep executive Mike Manley as CEO, accelerating a transition that was planned for early next year. The company said the 66-year-old Marchionne suffered complications from shoulder surgery last month that meant he cannot resume his duties.

Boards also named replacements for Marchionne as Ferrari CEO and CNH Industrial chairman.