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Ex-Fiat Chrysler boss Sergio Marchionne dies, aged 66

Ex-Fiat Chrysler boss Sergio Marchionne dies, aged 66

Former Ferrari chairman and CEO Sergio Marchionne has died at the age of 66.

However, in February that year, Marchionne sparked controversy when he commented that loans to Chrysler from the U.S. and Canadian governments had been made at "shyster rates", a comment deemed to carry antisemitic connotations. The widely admired executive had suffered complications from shoulder surgery, and his health rapidly deteriorated.

It emerged that Marchionne's successor was far from settled. He was replaced as boss last weekend after his condition worsened.

On Saturday, FCA named Jeep division head Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June.

The company has portrayed Manley's appointment as the product of lengthy deliberation.

Elkann's office declined to comment.

Nonetheless, although he was castigated by Beppe Grillo of Italy's Five Star political movement for cutting jobs and closing factories, Marchionne was not indifferent to the plight of workers.

"Because it was unexpected", Marchionne said in a 2013 interview with NPR. "It just won't happen".

"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone", John Elkann, the great-great grandson of Fiat founder Giovanni Agnelli and the chairman of EXOR, the investment firm that controls FCA, said in a statement.

Marchionne was known for turning around the Fiat brand when he joined as CEO in June 2004.

Marchionne will be unable to return to work.

"For Altavilla it was too important-he wants to be CEO at least once in his career", one of the people said.

A surprise announcement from Fiat-Chrysler in early July 2018 revealed that Matumorne was to undergo surgery for an unspecified shoulder injury. The company has not provided details on Marchionne's illness.

Shortly after Marchionne's death was announced today Fiat Chrysler suspended trading in Milan.

Marchionne, who described himself as a corporate fixer, was Fiat's fifth CEO in less than two years when he took over.

Fiat Chrysler reported second-quarter operating profit below expectations on Wednesday, sending its shares down by as much as 14 percent as the carmaker cut its full-year outlook in response to a weaker performance in China. That ultimate deal eluded him. Fiat had for generations been a family-run enterprise, and having someone at the helm from outside Italy's clubby management circles - even a dynamo like Marchionne - was an enormous change.

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