Former Fiat Chrysler CEO and Automotive Legend Sergio Marchionne Dies at Age 66

Former Fiat Chrysler CEO and Automotive Legend Sergio Marchionne Dies at Age 66

Former Fiat Chrysler (FCA) CEO Sergio Marchionne has passed away at the age of 66 due to complications following a shoulder surgery in Zurich, Switzerland. News came last week that Mr. Marchionne would be stepping down as CEO due to the complications from the surgery which would eventually cost him his life. Reports suggest that Marchionne fell into a coma and suffered severe brain damage with little chance of recovery and finally lost the battle today, July 25, 2018.

The Chairman of EXOR, who are a large shareholder of FCA and Ferrari, John Elkann said in a statement “Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone. I believe that the best way to honour his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion. My family and I will be forever grateful for what he has done. Our thoughts are with Manuela, and his sons Alessio and Tyler. I would ask again every to respect the privacy of Sergio’s family.”

Sergio Marchionne is largely credited with saving both Fiat and Chrysler from the brink of bankruptcy beginning in June 2004 when he was named CEO of Fiat SpA and had the company turning a profit by 2005. In 2009, Chrysler LLC was also on the brink of bankruptcy when the Fiat Group received a 20% stake in the company with Marchionne being appointed as CEO. In 2014 Fiat and Chrysler merged into a new holding company called Fiat Chrysler Automobiles (FCA) which is now the seventh-largest automobile manufacturer in the world. In addition, up until the surgery compliactions, Marchionne also served as Chairman and CEO of Ferrari which is owned by FCA. He will be succeeded as CEO of FCA by Mike Manley.

Our thoughts and condolences go out to Sergio’s family, FCA, Ferrari and the entire automotive worldwide community.