Sergio Marchionne, the former head of FIAT and the founder of the united concern FCA (FIAT Chrysler), passed away in a Swiss hospital at the age of 66.
According to the Italian media, Marchionne died of cancer - sarcoma.
Last week, Sergio underwent surgery on his shoulder, he was supposed to recover quickly after it, but his health suddenly deteriorated. Last Saturday, an emergency meeting of the FCA board of directors was held, at which it was announced that Marchionne, for health reasons, could not continue to work as the executive director of the concern. Instead, they appointed Mike Manley, who had previously headed the Jeep division.
Marchionne was born on June 17, 1952 in the city of Chieti in central Italy. At the age of 13, he moved to Canada with his parents. After graduating fr om school, he entered the University of Windsor, wh ere he received a master's degree in business administration, in 1985 he defended his doctorate in entrepreneurship, and since 1987 he has been practicing law as a prosecutor and lawyer in the Canadian province of Ontario. He began his career as a tax specialist at Deloitte & Touche, then worked in various financial companies until the early 2000s.
In 2004, FIAT shareholders invited Marchionne to the post of chief executive. The Italian auto giant at that time felt deplorable - it was rapidly losing its market share, suffered heavy losses, Alfa Romeo and Lancia were under threat of closure. Thanks to tough measures and the success of the Sergio-initiated Grande Punto, the group showed its first profit in 17 months at the end of 2005. In 2007, FIAT launched the 500 with a striking retro design that further strengthened the automaker's position. For Marchionne, the glory of one of the most effective anti-crisis managers in the automotive industry was entrenched.
Under the leadership of Marchionne, the Italian auto giant bought a controlling stake in the American company Chrysler in 2011, and three years after that, the combined concern FCA was formed. In 2015, FCA's turnover increased by 18% (up to 113.2 billion euros), and profit - by 91% (up to 2 billion euros).
FCA recently unveiled a development plan through 2022, over the next five years the company will focus on developing high value-added brands such as Alfa Romeo, Maserati, Jeep and Ram.
In addition to the position of the chief executive of FCA, Marchionne served as the head and chairman of the board of directors of Ferrari. John Elkann became the new chairman of the board of directors of Ferrari, and Luis Camilleri became the chief executive of Ferrari. Elkann is the grandson of Gianni Agnelli, and the Agnelli family owns a 29.19% stake in FCA. Hailing from Malta, Camilleri was previously chairman of the Philip Morris tobacco firm, a longtime sponsor of the Ferrari F1 team.
The auto industry has lost a legendary manager: Sergio Marchionne has died
