Sunday, 19 August, 2018

Fiat Chrysler CEO Sergio Marchionne Falls Ill, Mike Manley Named Successor

| 25 July, 2018, 19:43

Former Fiat Chrysler Automobiles CEO and Ferrari Chairman and CEO Sergio Marchionne has succumbed to the complications that arose following recent shoulder surgery at a hospital in Zurich, Switzerland.

His death was confirmed Wednesday by Exor NV, the holding company of Fiat's founding Agnelli family, just days after Marchionne was replaced as CEO.

"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone", Elkann said in a statement.

But it faulted him for having failed to negotiate with "an important sector of Italian workers", which it said created conflict and divisions that are still being felt.

General Motors CEO Mary Barra, whom Marchionne tried unsuccessfully to persuade to enter into a merger, sent condolences to his family, friends and Fiat Chrysler colleagues and praised his "remarkable legacy in the automotive industry".

The charismatic executive took the helm of serially embattled automaker Fiat in 2004, and was the driving force of the acquisition of then-bankrupt Detroit automaker Chrysler, which the Italian company announced in 2009 on the heels of the financial crisis.

Born in Italy, Marchionne's family emigrated to Canada when he was 13, and he had dual-citizenship.


Sergio Marchionne, the turnaround artist credited with saving Fiat and Chrysler.

In 2009, he negotiated with the USA government to take over bankrupt Chrysler Corp. -for free-and merged it with Fiat.

In his roles with both Fiat Chrysler and Ferrari, he was never far from controversy, and never shirked from the fight that might follow.

While this was a threat made many times during the legendary Italian team's long history, somehow, coming from Marchionne, it seemed more feasible. At the time, the company had been on the brink of bankruptcy.

He leaves behind his partner, Manuela Battezzato, who works in FCA's press office, along with two children, Alessio and Tyler, from estranged wife Orlandina.

Tributes to the late Sergio Marchionne arrived from industry figures and politicians worldwide, praising his perseverance, hard negotiating skills and candor.

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