FCA's Sergio Marchionne dies at 66

25 July, 2018, 19:43 | Author: Natasha Holloway

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. This afternoon, Elkann announced that the longtime CEO had passed away, saying: "Sergio Marchionne, man and friend, is gone". His health reportedly rapidly deteriorated following the surgery, leading to Marchionne's departure from Fiat Chrysler over the weekend.

Marchionne suffered an embolism while undergoing an operation for an invasive shoulder sarcoma and suffered irreversible damage to his brain function, an Italian business website reported Tuesday.

"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.

Tributes are pouring in from automotive leaders about Sergio Marchionne's skill, creativity and determination in saving Chrysler and Fiat from near-certain financial ruin.

This description diverges from what Marchionne himself told investors on 1 June during a day-long strategy presentation in Balocco, Italy.

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

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Marchionne was placed in intensive care at a hospital in Switzerland late last week after suffering complications from shoulder surgery.

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

The Italian-Canadian executive took the reins at Fiat in 2004.

Battered by sagging revenues and skyrocketing costs, Marchionne helped turn Fiat around.

Fueled by a dozen espressos a day and packs of Muratti cigarettes, he stormed into Fiat and fired most of the top management, then did the same at Chrysler in 2009, installing a dozen newcomers on his second day.

Born in the Italian town of Chieti in 1952, the charismatic Marchionne was educated in Canada and moved through the world of legal matters and accounting before joining Fiat in 2003, becoming CEO a year later. Marchionne is survived by his sons Alessio and Tyler, and his longtime partner Manuella Battezzato.

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