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Former Fiat Chrysler CEO Marchionne dies

 

FILE PHOTO: Fiat Chrysler Automobiles CEO Sergio Marchionne speaks during a media conference in Balocco, northern Italy, June 1, 2018. REUTERS/Massimo Pinca/File Photo

 

MILAN (Reuters) - Former Fiat Chrysler chief executive Sergio Marchionne, one of the auto industry's most tenacious and respected auto chiefs, has died, succumbing to complications from recent surgery.

 

The carmaker's controlling family shareholder confirmed news reports of his death on Wednesday, without giving the cause of death or saying when he had died.

 

Marchionne, 66, fell gravely ill after what the company had described as shoulder surgery in a Zurich hospital. He was replaced as chief executive last weekend after Fiat Chrysler (FCA) <FCHA.MI> said his condition had worsened.

 

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

 

Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year.

 

"The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," Elkann added.

 

On Saturday, FCA named Jeep division head Mike Manley as chief executive at the world's seventh-largest carmaker, saying the 54-year-old Briton would execute a new mid-term strategy that Marchionne had outlined in June.

 

FCA has said Manley will work to ensure a "strong and independent" future for the group.

 

On Saturday, Marchionne was also replaced as chairman and CEO of Ferrari <RACE.MI> and chairman of tractor maker CNH Industrial <CNHI.MI> -- both spun off from FCA in recent years.

 

-- © Copyright Reuters 2018-7-25

[Chomper Higgot]

66 years old!

 

The time to enjoy the last of life.

[Credo]

3 hours ago, Chomper Higgot said:

66 years old!

 

The time to enjoy the last of life.

Although 66 is relatively young, my guess is that with the kind of money he earned, it was a pretty nice lifestyle and one which most of us won't ever get within sniffing distance of.

 

May he RIP.   

[stevenl]

1 minute ago, Credo said:

Although 66 is relatively young, my guess is that with the kind of money he earned, it was a pretty nice lifestyle and one which most of us won't ever get within sniffing distance of.

 

May he RIP.   

As CEO of a company like that the lifestyle is easy: work and work.

[Credo]

36 minutes ago, stevenl said:

As CEO of a company like that the lifestyle is easy: work and work.

Oh, and the rest of have it easy?   I think not, nor do we have the luxuries afforded the affluent.   

 

That said, again, May he RIP.   

[stevenl]

8 hours ago, Credo said:

Oh, and the rest of have it easy?   I think not, nor do we have the luxuries afforded the affluent.   

 

That said, again, May he RIP.   

Which was not said or implied.

[pegman]

Mr. Marchionne was very much respected by the auto industry, including the plant union in Windsor, Canada.

 

http://blackburnnews.com/windsor/windsor-news/2018/07/24/unifor-local-444-keeps-vigil-marchionne/

[peperobi]

A reason for me to be happy R.I.P. Shark!