FCA boss Marchionne dies at the age of 66
Sergio Marchionne, the former CEO of FCA and saviour of both Fiat and Chrysler, has died at the age of 66.
His death was confirmed today by Exor NV, the holding company of Fiat’s founding Agnelli family. His health had declined suddenly following complications from a shoulder operation at a Zurich hospital, according to people familiar with the situation, Bloomberg reports.
After having restructured Fiat in the early years of his career at FCA, cutting thousands of jobs and overhauling industrial processes, he saw an opportunity in the States in the shape of the suffering Chrysler.
Marchionne was always an advocate of consolidation in the auto industry, which he claimed had far too much capacity for all players to make a living. He publicly campaigned for a merger with General Motors in 2015, but the latter never obliged.
“Sergio created a remarkable legacy in the automotive industry,” Mary Barra, chairman and CEO of General Motors said in a statement. “We at General Motors offer our condolences to Sergio Marchionne’s family and friends.”
Ford Motor Co. Chairman Bill Ford also praised Marchionne “as one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker.”
Picture copyright: FCA, 2018