Sergio Marchionne (Photo by: Agência Brasil)
Sergio Marchionne (Agência Brasil photo)
Sergio Marchionne, the Italian-born Canadian and CEO of Fiat Chrysler, who is credited with pulling two ailing carmakers from the brink of collapse and led the improbable transformation of Fiat Chrysler into an automotive giant, died on Wednesday, The New York Times reports. He was 66.The 66-year-old died after complications from shoulder surgery, the company says.
“Unfortunately, what we feared has come to pass,” John Elkann, chairman and chief executive of Exor, the company controlled by the family that founded Fiat, says in a statement. “Sergio Marchionne, man and friend, is gone.”
Marchionne took over Fiat in 2004 and acquired Chrysler in 2009. The Times writes:
On both occasions, the businesses were near low ebbs, and few gave him any chance of success. He defied those gloomy predictions — today Fiat Chrysler Automobiles and Ferrari, which was spun off during Mr. Marchionne’s tenure — are worth nearly 10 times as much as when he took over.
Mr. Marchionne had a reputation as a chain-smoking workaholic, one who forged his career as a tax consultant before moving on to a metals-trading firm and a trade services company.
U.S. Rep. Debbie Dingell of Michigan issued a statement:
“I am very sad about Sergio Marchionne. He was brilliant, focused, strategic, intense and helped Michigan and the industry I love. Sergio taught me over the years many things and he was a friend, not afraid to yell, but then could laugh so ever hard. Our community should celebrate his life and be thankful for his many contributions.”
