Sergio Marchionne, the architect of Fiat Chrysler’s turnaround, has died at 66

Enlarge this image

Enlarge this image

"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone", FCA Chairman John Elkann, of the controlling Agnelli family, said in a statement.

The auto industry has lost one of its strongest protagonists for mergers and acquisitions at a time when strategic alliances with technology companies are increasingly supplanting transformational mergers between traditional carmakers. Nonetheless, although he was castigated by Beppe Grillo of Italy's Five Star political movement for cutting jobs and closing factories, Marchionne was not indifferent to the plight of workers.

The New York Times noted that both Fiat and Chrysler are "worth almost 10 times as much as when he took them over".

But a health crisis that left 66-year-old Marchionne incapacitated in a Swiss hospital set off a transition last week that was sudden and rushed, banking and industry sources said. Fiat Chrysler's 5-year plan revealed at Capital Markets Day outlined an investment of $10.5 billion to develop new electric and hybrid vehicles.

German auto expert Ferdinand Dudenhoeffer described Fiat Chrysler as "a weak company and now with Marchionne's departure, it has become even weaker".

FILE PHOTO: The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan, U.S., October 26, 2015. The Italian-Canadian leaves behind a remarkable legacy that includes leading the automaker's dramatic turnaround from the brink of bankruptcy. Still, newspaper photographs of a chain-smoking Marchionne awaiting talks with German Chancellor Angela Merkel outside the Chancellery in Berlin on the role of GM's then-subsidiary, Opel, made clear just how personally he took the negotiations.

More than half of Americans think Russian Federation has 'kompromat' on Trump
Just last week, the president twice said "no" when ABC News' Cecilia Vega asked if he believed Russia was still targeting the U.S. Putin's failure to swiftly accept Trump's invitation for a Washington summit this fall has been noticeable, Reuters reported .

He has yet to be confirmed by FCA's shareholders, but in order to keep the company running, FCA's board of directors granted Manley all the powers of CEO effective immediately. Lettera43 also claims that Marchionne had commonly used cortisone to help with the main and maintain shoulder mobility.

GM cited higher steel and aluminium costs for its 2018 profit forecast reduction as a result of tariffs imposed by U.S. President Donald Trump's administration. I would like to move forward with the presentation.

In his last public appearance on June 26, wearing his signature sweater, Marchionne appeared worn out and out of breath as he presented a Jeep Wrangler to Italy's paramilitary police, the Carabinieri, at a ceremony in Rome. Under Mr. Marchionne's direction, Jeep grew and is still growing.

He said he recognized in the Carabinieri "the same values at the basis of my own education: seriousness, honesty, sense of duty, discipline and spirit of service".

Marchionne is survived by his sons Alessio and Tyler and his longtime partner Manuela Battezzato.

Latest News