Home » Money

Former Fiat Chrysler CEO Sergio Marchionne dies at 66

26 July, 2018, 16:59 | Author: Sara Gill
  • Sergio Marchionne suffered embolism during cancer surgery, Italian report says

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

Marchionne attended the University of Windsor and called his years there among the best of life.

Marchionne will be replaced as FCA boss by Briton Mike Manley, head of the iconic Jeep brand.

It was Marchionne's success in turning around a pair of Swiss businesses that drew the attention of the Agnelli family.

Marchionne, who brought Fiat back from the brink of bankruptcy, has been lauded by the Italian press since his serious condition was made known over the weekend. It is now the world's seventh-largest carmaker and is debt-free. Around 80 percent of FCA's second-quarter profit came from the US market and the automaker said its new trucks should help lift its North American pre-tax adjusted margin to 10 percent in the second half of 2018.

"We at General Motors offer our condolences to Sergio Marchionne's family and friends".

Elkann's office declined to comment.

Some experts have cast doubt on the ability of Marchionne's successors to maintain the momentum he had built up over the years.


FCA said it has fixed-price contracts for most raw steel through 2018, but would see increases in 2019 at current prices.

"Those of us watching have received an education in management, finance, politics, oratory and what's possible via sheer force of will", Bernstein analyst Max Warburton said.

Altavilla, 54, quit after being told of Manley's appointment on July 21, one of the sources said. He brought in other outsiders to key positions and relaunched the iconic 500, which became one of the new Fiat's calling cards as it expanded overseas. Yet even as he garnered criticism from politicians and unions for slashing jobs and cutting costs, Marchionne argued that moving slowly could be even more risky.

"For Altavilla it was too important - he wants to be CEO at least once in his career", one of the sources said.

His death is believed to have resulted from complications of recent right shoulder surgery he underwent. And many of us have lost a very dear friend: "Sergio Marchionne".

Fiat Chrysler Automobiles declined to comment, citing privacy issues.

Marchionne joined Fiat in 2004 and led the Turin-based company's merger with bankrupt USA carmaker Chrysler. When he took over both Fiat and Chrysler, he always maintained, the companies needed radical change in order to survive. That ultimate deal eluded him. As chief executive of Alusuisse, he hived off its drug business into Lonza group, and in three years had tripled profits. Marchionne is credited with revamping the company, Italy's premier private enterprise, from top to bottom.

Here's what industry leaders have said in tribute to Marchionne. The company's new chief officer was the former head of the Ram and Jeep brands, two of FCA's most profitable and valuable product lines.

Recommended:



Popular

Secret Trump-Cohen tape released, but what's on it in dispute
Lanny Davis , who represents Trump's former personal attorney Michael Cohen , provided the tape to CNN on Tuesday. Among them are a New York Times request to unseal Trump's divorce records related to his first wife Ivana.

Fox & Friends: Cohen Tapes 'Payback' for Clinton's Loss
Given the report that the National Enquirer has been subpoenaed by federal prosecutors, it's definitely of interest. Former Playboy model Karen McDougal says she had a months-long affair with Donald Trump after they met in 2006.

Iranian leader says Trump’s ’empty threats’ not worth a response
United States officials are stepping up diplomatic efforts to pressure countries to stop importing Iranian oil. He's author of the book, The Iranian Constitutional Revolution and the Clerical Leadership of Khurasani.

Chance of strong to severe storms late this afternoon into tonight
Please be as descriptive as possible and also include the location (town/city) where the photo or video was taken. These storms will bring damaging winds and large hail with them, and an isolated tornado can not be ruled out.

Police identify Canada shooting suspect as Faisal Hussain
Toronto police released a photo of the smiling, young girl and said her family had asked for privacy during their time of grief. On Tuesday, police released the identity of the 10-year-old victim: Julianna Kozis of Markham.

Roma Sporting Director responds to Malcom's Barcelona move
He will now, though, become Barcelona's second major signing of the summer window following the arrival of Clement Lenglet from Sevilla .

Starwatch: red marvel that is a lunar eclipse
Earlier in the year, the super blood moon made our months roller coasters of up and down emotions and this is no different. Though the United States won't see a lunar eclipse, the moon will still be full and appear reddish/orange Friday evening.

Fans continue to taunt Chris Froome at the Tour de France
Geraint Thomas signed autographs before the start of Sunday's stage, but some fans have booed the Sky rider in his yellow jersey. The protest was aimed at France's Government, over cuts in state aid, according to the Tour de France's own race radio service.

Novichok poisoning victim Charlie Rowley released from hospital
Teams of specialist officers are continuing their forensic search for traces of novichok at Queen Elizabeth Gardens in Salisbury. Security minister Ben Wallace wrote on Twitter: "I think this story belongs in the "ill informed and wild speculation folder".

Unai Emery earmarks Calum Chambers for new position
Barcelona have also emerged as admirers of the player but Arsenal are very much in the driving seat to secure his signature. He said: "We signed the players who we needed and only if one player is a big opportunity for us will we sign them".

Latest

Tendencies