Former FCA chief Sergio Marchionne dies at 66

Sergio Marchionne dies of post-surgery complications in Switzerland

Sergio Marchionne, chairman and chief executive officer of FCA and head of Ferrari, has died as a result of post-operative complications in Switzerland. He was 66 years old.

The highly respected head of the company was due to retire next year, but was unexpectedly replaced four days ago by Jeep and Ram boss Mike Manley after news of Marchionne's failing health.

“Obviously, this is a very sad and difficult time. Our thoughts and prayers go out to his family, friends and colleagues,” Manley said. "There is no doubt that Sergio was a very special, unique person and without a doubt he will be greatly missed."

Praised for taking the Fiat and Chrysler brand group from the brink of disaster to FCA's current position as the world's seventh-largest automaker, Marchionne's Canadian-Italian heritage has helped him bridge the cultural divide between Europe and North America.

His 14 years in the auto industry are littered with major accomplishments, not the least of which was forcing GM to pay $2 billion for breach of contract that would have the American giant take over Fiat's North American operations - money that was quickly invested in the product. . development, as well as strike a deal with then-President Barack Obama to allow Fiat to take control of Chrysler in the US.

From there, he quickly elevated the Jeep and Ram brands to strong new positions in the US before relaunching the Alfa Romeo brand globally.

His impact on the company cannot be overestimated. In 2003, when Marchionne acquired Fiat, the company lost more than six billion euros. By 2005, Fiat was making a profit (helped in no small part by a large payout to GM). And when Fiat acquired Chrysler, the American company was on the brink of bankruptcy. This year, the FCA group finally got rid of its mountain of debt and for the first time came to a net cash position. The market value of Fiat (including Ferrari, which was fully spun off in 2016) has grown more than 10 times under his leadership.

“Unfortunately, what we feared came true. Sergio Marchionne, man and friend, is gone,” said John Elkann, FCA chairman and CEO of Exor, FCA's largest shareholder.

“I believe that the best way to honor his memory is to build on the legacy he left us by continuing to develop the human values ​​of responsibility and openness, of which he was the most ardent champion.”