Former FCA boss Sergio Marchionne passes away

Sergio Marchionne, the former head of Fiat Chrysler Automobiles (FCA) and Ferrari, has passed. He was 66. He suffered complications from recent shoulder surgery at a hospital in Zurich, which is said to have led to his demise.

Only a few days back, FCA made an abrupt announcement that Mike Manley will take over as the CEO of the company because Marchionne was unable to resume his position due to health reasons. Originally, Marchionne’s term as the CEO of FCA was to end in 2019.

Marchionne is credited as the most dynamic CEO to ever lead Fiat. He took charge of his position in 2004 and helped turn the company’s fortunes during its darkest time. 

He then helped the Fiat Group enter into an alliance with the then-bankrupt US carmaker, Chrysler. Finally, in 2014, the two firms merged under Marchionne’s leadership to form FCA. The company managed to clear a $13 billion debt soon afterwards. 

On Marchionne’s death, John Elkann, the new Chairman of Ferrari said, “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."