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Former Fiat Chrysler CEO Sergio Marchionne dies aged 66
28 July 2018, 12:59 | Tracey Rhodes
Fiat Chrysler CEO Sergio Marchionne Falls Ill, Mike Manley Named Successor
Former Fiat Chrysler (FCHA.MI) Chief Executive Sergio Marchionne for more than a year assured investors that he and the automaker's board were working on an orderly succession plan ahead of his expected departure in 2019.
It was only last Saturday where it was revealed that Marchionne had become incapacitated by medical issues and that he was stepping down from his CEOship of FiatChrysler Automobiles, Ferrari and CNH Industrial.
Marchionne, credited with turning around the fortunes of Italian automaker Fiat and the No.3 US automaker Chrysler, as well as forging the merger of the two companies in 2009, was stricken during recent surgery and was left unable to continue at the helm of FCA. FCA board has chose to appoint Jeep and Ram head Mike Manley as its new CEO.
His successor at the helm of the sprawling FCA, Manley, "is no Marchionne", Dudenhoeffer said.
FCA shares were down 15 percent on the New York Stock Exchange.
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"It is with the deepest sadness that EXOR has learned of the passing of Sergio Marchionne", said a statement by John Elkann, chairman and CEO of EXOR, an investment company which owns Fiat Chrysler.
Mr Marchionne, who was Italian-Canadian, turned the two firms around nearly by personal force of will, living on a corporate jet crossing the Atlantic to push employees to accomplish what most people thought was impossible amid a devastating global recession.
Marchionne was set to stand down from his multiple roles next April but on Saturday FCA called a meeting, where it was revealed that the Italian-Canadian's health had rapidly deteriorated. "I think he'll be remembered for basically saving two companies at the same time". Indeed before last week's crisis, many company executives remained in the dark, four banking sources who spoke to Fiat Chrysler executives told Reuters. He worked as an executive in the auto industry since the early 1990s but gained his reputation at Fiat.
"We received the news this morning that Sergio had passed away", Manley stated at the beginning of the conference call, "and clearly, this is a very sad and hard time, and our thoughts and prayers go out to Sergio's family, friends and colleagues". FCA is a culture of leaders and employees that were born out of adversity and who operate without sheet music, ' Marchionne explained during the presentation.
FCA recorded a record profit of €1.4 billion ($1.6 billion) in NAFTA based on strong sales of Wrangler and Cherokee SUVs and the new Ram light-duty pickup.
In 2009, U.S. President Barack Obama's administration announced that Fiat would take control of Chrysler LLC, rescuing the American company from bankruptcy.
Marchionne, pictured. His "extraordinary leadership, candor and passion for the industry will be missed", Bill Ford said.
Marchionne's track record with operational turnarounds was a little more patchy than his dealmaking.
Chief Financial officer Chuck Stevens told reporters the automaker had put in a "solid performance" in the second quarter "despite some fairly significant headwinds that have built throughout the year".
In the end, Marchionne won the battle. Sergio created a remarkable legacy in the automotive industry.
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