Sergio Marchionne, The Man Who Saved Fiat And Chrysler, Has Died

Sean Reid
July 25, 2018

Former chief executive officer of Fiat Chrysler Automobiles (FCA), Sergio Marchionne, has died.

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

In his role as CEO at Alusuisse, much like he was later to do with Ferrari and Fiat Chrysler, he spun off the drug business to create Lonza Group AG. He built the dysfunctional companies into the world's seventh-largest automaker.

"We are deeply saddened by the passing of Sergio Marchionne", he said.

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

Fiat Chrysler rushed to name a new CEO last weekend after it became clear that Marchionne would not be able to return to work.

Cape Town - Former Ferrari boss Sergio Marchionne has passed away after a brief illness.

Under Marchionne - who replaced Marco Mattiacci with Maurizio Arrivabene as team principal - Ferrari has also seen a strong increase in performance since 2014, winning multiple races and challenging for the championship in the current campaign.

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.

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. At the time, the company had been on the brink of bankruptcy. Regarded as a saviour of Fiat, Italy's automotive champion, the Italian-born Marchionne set in motion the marriage between Fiat and bankrupt United States rival Chrysler just over a decade ago. He is survived by his partner, Manuela Battezzato, and two adult sons, Alessio and Tyler.

Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian auto maker in 2004, and he multiplied Fiat's value 11 times through 14 years of canny deal-making.

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