Former Ferrari chairman Sergio Marchionne dies aged 66

25 July, 2018, 19:45 | Author: Teresa Adams

New FCA chairman Elkann said: "Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone". Once FCA was notified of Marchionne's ailing health conditions, the board accelerated the naming of a successor, electing Englishman Mike Manley to the role of CEO, with Agnelli-protege John Elkann acting as FCA president and Ferrari chairman.

Fiat Chrysler Automobiles (FCA) and Ferrari confirmed on Saturday that Marchionne would not be returning to work after suffering health complications following surgery in Zurich.

"Sergio created a remarkable legacy in the automotive industry", Mary Barra, chairman and CEO of General Motors said in a statement. It is now the world's seventh-largest carmaker and is debt-free.

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I need to do what's right for me and my family and that's the decision I'll be making. I'm supposed to be here so this is where I put all my energy and time.

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

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

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. As his professional life progressed, Marchionne returned to Europe where his success in restructuring ailing companies saw him tasked with turning around Fiat. "Our thoughts are also with our industry colleagues at Fiat Chrysler as they deal with this sudden loss". In 2003 he was handed control of the automaker, who at the time had lost more than $7 billion.

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A chartered accountant and attorney with dual Canadian and Italian citizenship, Marchionne began his career in Canada at Deloitte & Touche, then moved on to packaging producer Lawson Group.

Marchionne is survived by his partner, Manuela Battezzato, his estranged wife, Orlandina and his two children, Alessio and Tyler.

Marchionne, a workaholic who often slept on a sofa aboard a plane as he traveled regularly to steer Fiat Chrysler, was a heavy smoker and espresso drinker until quitting both about a year ago.

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