Ex-Ferrari boss Sergio Marchionne dies aged 66
- Author: Angelo Rivera Jul 28, 2018,
Jul 28, 2018, 0:56
Ferrari paid tribute to "courageous leader" Sergio Marchionne after the former Scuderia chief executive and chairman died at the age of 66. He worked as an executive in the auto industry since the early 1990s but gained his reputation at Fiat.
Trade tariffs were partly to blame for lowered full-year forecasts by General Motors Co and Fiat Chrysler Automobiles NV (FCA) on Wednesday, pummeling the stocks of both automakers as investors feared worse is yet to come.
It was Marchionne's success in turning around a pair of Swiss businesses that drew the attention of the Agnelli family. Fiat Chrysler obtained 100 percent ownership of Chrysler in 2014; two years later, it spun off its Ferrari brand.
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.
The company has portrayed Manley's appointment as the product of lengthy deliberation. CGIL added that there were now "many unknowns" about the future of Fiat Chrysler Automobiles.
Palmer said the company had so far been able to escape most of the pressures from rising commodity costs, including steel, because of long-term contracts it holds, pushing the issue into 2019. "We are never going to see anyone like you again". He went on to say that the company's board would not engage in a "rubber stamp process". "That was six years lost with girls", he said in an interview with Turin-based daily La Stampa in 2009.
"At this hard time, we extend our deepest sympathies to his family, friends and colleagues".
Shares in the company slumped on Monday as it emerged that Marchionne would not be returning to work. The reports say he underwent a risky surgery in Switzerland but developed a cerebral embolism on the operating table that left him in a coma.
He was replaced four days ago when his health worsened following complications from surgery on his right shoulder.
Five years later, Marchionne became the CEO of the combined Fiat Chrysler company, as USA carmakers were struggling to escape the fallout of a crisis in the credit and housing industries and a growing recession.
The New York Times noted that both Fiat and Chrysler are "worth almost 10 times as much as when he took them over". That ultimate deal eluded him.
Marchionne joined Fiat after being tapped by the Agnelli family to save the company.
Sergio Marchionne was born in Chieti, Italy, in 1952. He could parry questions from the Italian press in one press conference, and deliver sly put-downs of his rivals in English during the next.
"Marchionne wrote an important page in the history of Italian industry".
Manley said Jeep has scaled back marketing in China to revamp its message tailored for a domestic audience, reducing a reliance on American themes to sell the brand.