Sergio Marchionne, who recently stepped down from his position as Chief Executive Officer of Fiat Chrysler has passed away. Marchionne, 66, was considered to be the architect of reviving the ailing Fiat Chrysler brand from the brink of destruction. His passing was confirmed by Exnor NV, the holding company of Fiat run by the Agnelli Family. The news comes shortly after Sergio Marchionne's’ health started rapidly declining following complications to a shoulder surgery.
Marchionne was elected as the CEO of Fiat SpA in June 2004, marking the first step in the companies decade long struggle back into relevance from the brink of bankruptcy. He eventually brought the company into the New York Stock exchange, ringing the bell on 13th October 2014, marking the debut of the newly forged Fiat Chrysler Automobiles NV. In his time, Marchionne, who was known to describe himself as a corporate fixer took over Fiat at a time when 4 other CEOs had abandoned the company in less than two years.
I convey my condolences to the family of Sergio Marchionne and to the entire FCA extended family..
I met Sergio only once but it was clear in an instant that he was a giant among men. @fcagroup
When he took over Fiat, it was still a loss making organisation with 6 billion euro debts in 2003. Over the next two years, he managed to bring Fiat to a point where it could be called profitable. He had streamlined with an iron fist and even managed to bring in $2 billion from an alliance with General Motors. In his time as CEO, he brought the time that Fiat took from concept to creation from 4 years to just 18 months.
Marchionne’s iron fist when it came to the work place was matched with a tremendous love for automobiles and speed. He was known for his love for cars, Ferraris,to be more specific. He had half a dozen of them and wasn’t afraid to use them the way they were built to be used.In 2007 he had even famously totalled a 350,000 USD Ferrari on a highway in Switzerland.
Whether it was for his iron-fist when it came to business’, his love for automobiles his radical approach to life will be dearly missed in the automotive world. Our thoughts and condolences are with his family and friends.