Former Fiat Chrysler CEO Sergio Marchionne Dies at Age 66
Sergio Marchionne, the former CEO of Fiat Chrysler Automobiles, died earlier today after suffering from complications that arose following a recent shoulder surgery. Marchionne was 66 years old at the time of his death.
Exor, the Italian investment group that holds the largest stake in Fiat Chrysler Automobiles, sent out an official announcement after the Marchionne’s death.
“Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone,” stated John Elkann, the chairman and CEO of Exor. “I believe that 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.”
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Sergio Marchionne was born on June 17, 1952, on the Adriatic coast of Italy. He was the son of a police officer, who saved up enough money to move his family to Toronto when Marchionne was 14.
Marchionne studied philosophy at the University of Toronto. He went on to earn a Master of Business Administration from the University of Windsor and a law degree from York University. His first professional job was as a tax specialist.
After working for a metals-trading firm and a trade services company, Marchionne was approached by the Agnelli family, which founded Fiat back in 1899. They presented Marchionne with an opportunity to run the Italian automotive brand. Marchionne accepted and quickly reversed Fiat’s faltering sales.
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While serving as leader of Fiat, Marchionne spearheaded the acquisition of Chrysler during the height of the recession in 2009. Like with Fiat before, he was able to reverse the company’s ailing fortunes, placing both Fiat and Chrysler back on the road to success.
FCA’s board of trustees recently announced that Michael Manley, former head of the Jeep and Ram brands, will take over the role of FCA’s CEO. The decision was made after Marchionne stepped down from the role due to the health complications caused by his surgery.
Marchionne is survived by his companion, Manuela Battezzato, and two sons: Alesssio and Tyler. Elkarr asked that the privacy of Marchionne’s family be respected.
News Source: The New York Times