Economy

Fiat Chrysler CEO Sergio Marchionne, dies aged 66

Fiat Chrysler CEO Sergio Marchionne, dies aged 66”

He was replaced as chief executive last weekend after Fiat Chrysler said his condition had worsened.

Just two years later Marchionne had returned the company to a profit by wringing some $2 billion from an alliance with General Motors and drastically cutting costs. He built the dysfunctional companies into the world's seventh-largest automaker.

Mr. Manley and his management team will proceed with the implementation of the 2018 - 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA's strong and independent future.

The Chrysler deal was part of a long-standing campaign Marchionne had waged to spur consolidation in the auto industry, which he claimed had far too much capacity for all players to survive. And many of us have lost a very dear friend: "Sergio Marchionne".

FCA Chairman John Elkann: The Agnelli family scion and Marchionne's boss praised his mentor's "values of humanity, responsibility and open-mindedness", adding, "My family and I will always be grateful for what he has done". Marchionne brought it back to profitability in just one year, recording income of almost 1.5 billion euros in 2005.

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

Marchionne fully kept his promise of fixing Fiat and Chrysler. "At this hard time we extend our deepest sympathies to his family, friends and colleagues".

'He taught us that the only question that's worth asking oneself at the end of every day is whether we have been able to change something for the better; whether we have been able to make a difference'. In 2009, he organized a merger with Chrysler in the USA and formed Fiat Chrysler Automobiles, becoming CEO of the new company.

"Sergio was a unique blend of a visionary and an executor". "And there is no doubt that he's going to be sorely missed".

As Fiat Chrysler heads into what most industry executives and analysts predict will be a hard 2019, the automaker's Italian brands have lost a powerful champion with Marchionne's departure.



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