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Fiat Chrysler CEO Sergio Marchionne, dies aged 66

25 July, 2018, 19:47 | Author: Shawna Walton

Long-time Fiat Chrysler, Ferrari and Maserati CEO Sergio Marchionne has died aged 66 due to complications from shoulder surgery.

People close to the company said they believed two other candidates-Fiat Chrysler chief financial officer Richard Palmer and Europe chief Alfredo Altavilla-had been in the running to replace Marchionne and that Elkann was also exploring an "Italian solution" by naming an Italian-born CEO.

A surprise announcement from Fiat-Chrysler in early July 2018 revealed that Marchionne was to undergo surgery for an unspecified shoulder injury.

"Marchionne wrote an important page in the history of Italian industry".

In his role as CEO at Alusuisse, much like he was later to do with Ferrari and Fiat Chrysler, he spun off the drug business to create Lonza Group AG.

He was handpicked by the United States government to save Chrysler and is credited with turning the dysfunctional companies into the world's seventh-largest automaker. It also claims that Marchionne is now being kept alive only by machines, and that doctors said there was no hope of recovery.

This description diverges from what Marchionne himself told investors on 1 June during a day-long strategy presentation in Balocco, Italy.

It was only last Saturday where it was revealed that Marchionne had become incapacitated by medical issues and that he was stepping down from his CEOship of Fiat Chrysler Automobiles, Ferrari and CNH Industrial.

One of the auto industry's biggest names, Sergio Marchionne, died Wednesday morning.

Marchionne joined Fiat in 2004, and leaves behind an impressive legacy at the company.

Marchionne was handed an automaker that lost more than 6 billion euros ($7 billion) in 2003.

A chartered accountant and attorney with dual Canadian and Italian citizenship, Marchionne began his career in Canada at Deloitte & Touche, then moved on to packaging producer Lawson Group.

In 2009, he negotiated with the US government to take over bankrupt Chrysler Corp. -for free-and merged it with Fiat. He later consolidated his reputation as a turnaround specialist at SGS SA, a Geneva-based product-testing company at the time controlled by the Agnelli family.

Marchionne is survived by his partner Manuela and sons Alessio and Jonathan.

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