Online Broadband Guide
Online Broadband Guide


Fiat boss Marchionne dies aged 66

Fiat boss Marchionne dies aged 66

Former Fiat Chrysler chief executive Sergio Marchionne, one of the motor industry's most tenacious and respected chiefs, has died, succumbing to complications from recent surgery.

The two companies merged in 2014, leading the Italian-Canadian to become CEO of FCA, and later that year he was named chairman and CEO of Ferrari, taking over from Luca di Montezemolo who had held the role of president since 1991.

On the day of the death of his predecessor, Mike Manley had to give his first earnings call as Chief Executive Officer of Fiat Chrysler Automobiles. "There is no doubt that Sergio was a very special unique man and there is no doubt that he's going to be sorely missed". The company announced last week that Marchionne would not return to his post with Fiat, a somber indicator of what was expected to occur. "Our heartfelt sympathies are with Sergio's family and all at Scuderia Ferrari at this hard time". This afternoon, Elkann announced that the longtime CEO had passed away, saying: "Sergio Marchionne, man and friend, is gone".

"Sergio achieved a colossal amount for the automotive industry and motor sport worldwide", Todt said.

But his strategy for turning Fiat around - slashing costs, launching new models and focussing on design - enabled the Italy's biggest private-sector employer to drive back to profit after four years in the red.

His passing was confirmed Wednesday by John Elkann, grandson of Gianni Agnelli and chairman of EXOR, the investment company that controls FCA.

The automaker has also been hit by a 22 percent sales drop in China through May of this year and is seen as unlikely to be able to raise prices to offset tariffs there on USA -made vehicles, especially its luxury Lincoln models. Sergio Marchionne had fallen ill.

Mr Marchionne joined Fiat in 2004 and led the Turin-based company's merger with bankrupt U.S. vehicle maker Chrysler. "Sergio Marchionne's death is a huge loss, and Sophie and I send our condolences to his family and friends". His partner, Manuela Battezzato, works in Fiat Chrysler's press office.

Altavilla, 54, quit after being told of Manley's appointment on July 21, one of the sources said. Whether it was popular or not or whether there was consensus in the company or not, he would pursue that.

The auto industry has lost one of its strongest protagonists for mergers and acquisitions at a time when strategic alliances with technology companies are increasingly supplanting transformational mergers between traditional carmakers.

"If he did not like what he saw he made sure you knew.When he liked it, it came with a cliffhanger 'what the f.is this? - it looks amazing!'" Busse wrote.

Marchionne had "created a remarkable legacy", said Mary Barra, the GM boss that rejected Marchionne's tie-up advances.

Tripling profits in just three years, he subsequently turned around the fortunes of SGS SA, a Swiss product-testing company controlled by the Agnelli family. To that end, he publicly campaigned for a merger with General Motors Co.in 2015 but was rebuffed by the USA carmaker.

follow

loading...

editors' picks

July 28, 2018
Manchester City boss Pep Guardiola says more records 'impossible'
Jürgen Klopp's squad travelled from New Jersey to MI on Thursday before their final ICC fixture against Manchester United in Ann Arbor on Saturday.

July 27, 2018
Lunar eclipse: Skygazers await century's longest 'blood moon'
The professor, however, said that the next total lunar eclipse that would be visible in Nigeria would occur on January 21, 2019. Apart from it being century's longest lunar eclipse , Mars will be very close to the moon on the same night.

July 25, 2018
Tesla says it requested supplier discount for ongoing projects
Chief executive Elon Musk has dismissed worries that the firm will run out of cash and needs to raise more money. When a company asks suppliers to retroactively give money back, it's a sign that something has gone wrong.

July 24, 2018
Tekashi 6ix9ine flaunted cash, chains at strip club before robbery
According to the rapper's statement to police, gunmen approached his vehicle at a red light in the early hours of Sunday morning. He told the authorities that two men with guns jumped out, stole his driver's iPhone before kidnapping Tekashi .

July 22, 2018
Here's Who Died on the Duck Boat
Suzanne Smagala with Ripley Entertainment, which owns Ride the Ducks in Branson, said the company was assisting authorities. The footage shows the vessel bobbing through the waves as the haul boat begins to become submerged in the swollen lake.

July 19, 2018
In Florida, two people were attacked by sharks
The 17-year-old, who was not identified as male or female, received puncture wounds to his foot, the fire department said. Double red flags were flying on the beach, which was closed to the public for the rest of the day as a precaution.

July 19, 2018
Amazon workers strike in Europe to coincide with Prime Day
She noted the problems affected Amazon's conversion rate, or how many people bought an item when they came to the site. Amazon launched Prime Day in 2015 and by 2017 it was its second biggest shopping day, topped only by Cyber Monday .

July 18, 2018
Storms usher in much cooler weather
As a more northwesterly wind kicks in, the humidity will be noticeably lower for the remainder of the week. "At 1:04 p.m., Doppler radar indicated thunderstorms producing heavy rains across the warned area".

July 18, 2018
Netflix shares tumble as subscriber growth misses mark
In a letter to shareholders , Netflix acknowledged the miss: "We had a strong but not stellar Q2", the statement said. Looking ahead to the third quarter, the company is calling for $0.68 in EPS on $3.99 billion in revenue .

July 15, 2018
Real Madrid prepare £150m bid for Cristiano Ronaldo's replacement
Hazard is said to be interested in working with the Blaugrana and the club's coaching staff are already excited by the prospect. That does not necessarily mean that I will go back to Spain, but for me they are very important.