Former Ferrari president Sergio Marchionne passes away aged 66
25 July, 2018, 19:43 | Author: Shannon Aguilar
He brought the automaker back to profitability in just one year.
Marchionne became gravely ill after what the company has called shoulder surgery, forcing him to be replaced as CEO of FiatChrysler Automobiles on Saturday.
Marchionne had entered hospital for a shoulder operation, but after surgery his condition deteriorated rapidly, with reports suggesting that an embolism had led to a coma. He died in Zurich at the age of 66.
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. Marchionne's last public appearance was on June 26 where those on hand noted he seemed breathless and not in the best state. In the process, he slimmed down Fiat and sliced away many of its debts. "In the vehicle business, sometimes you crash", he said. "It was of a quality that nobody thought that Chrysler could produce". The company wasn't specific about the cause of his death. It was then put under Fiat's control. Regarded as a saviour of Fiat, Italy's automotive champion, the Italian-born Marchionne set in motion the marriage between Fiat and bankrupt USA rival Chrysler just over a decade ago. "Almost everyone credited Marchionne".
Fiat Chrysler Automobiles declined to comment, citing privacy issues.
Other gains were reflected in the company's healthy balance sheets and in its corporate strategy. He grabbed the Chrysler brand out of despair and saved it from definite failure. It also claims that Marchionne is now being kept alive only by machines, and that doctors said there was no hope of recovery.
It all happened very swiftly but, unfortunately, we've lost another one.
Fiat Chrysler has said Manley will work to ensure a "strong and independent" future for the group. He was also a true friend to all of us and he will be deeply missed.
"Sergio Marchionne, man and friend, is gone", Fiat Chairman John Elkann said in a statement.
"He taught us to think differently and to have the courage to change, often in unconventional ways, always acting with a sense of responsibility for the companies and their people".
"Sergio was a unique blend of a visionary and an executor".
Marchionne's death was confirmed on Wednesday days after he was replaced as CEO. Fiat nearly doubled its profits in 2017 to around £4 billion. The new CEO will implement the company's 2018-2022 Business Plan, which was presented earlier this year.
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