Former Fiat Chrysler boss Sergio Marchionne has died
25 July, 2018, 19:45 | Author: Kristi Dunn
EXOR NV, the holding company of Fiat's founding Agnelli family, confirmed the news in a brief statement.
Marchionne has done what many thought impossible, most notably his huge gamble just over a decade ago when he set in motion the marriage between the then-ailing Fiat with bankrupt United States rival Chrysler.
"Marchionne wrote an important page in the history of Italian industry".
"Sergio and John have always been totally aligned on the choice of Mike Manley", Fiat Chrysler's main spokesman Mike Keegan said on Tuesday, when asked whether there were differences over the succession.
He was handpicked by the USA government to save Chrysler and is credited with turning the dysfunctional companies into the world's seventh-largest automaker.
In Marchionne's final full year FCA earnings call in January 2018, Morgan Stanley analyst Adam Jonas stated: "We hadn't seen anything like you".
The gruff chief executive spent 14 years at the wheel of Fiat Chrysler, the group he built.
"It is with great sadness that I learned that Sergio Marchionne tragically and unexpectedly passed away".
The timing of his death is especially tragic given his plans to hand over the reins of Fiat and Ferrari to a hand-picked successor next year, having been working behind the scenes for some time on a masterplan for the Prancing Horse's future.
Fiat Chrysler rushed to name a new CEO last weekend after it became clear that Marchionne would not be able to return to work.
Fiat Chrysler Automobiles declined to comment, citing privacy issues.
After taking the reins of Fiat in 2004, Marchionne famously unwound a partnership with General Motors and got GM to pay $2 billion for the privilege.
"Sergio Marchionne was one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker".
"With Sergio Marchionne Italy loses not only the most brilliant of its managers, but one of the symbolic figures of our country".
Marchionne died after complications from surgery last week. Our thoughts are with Manuela, and his sons Alessio and Tyler.
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