Sergio Marchionne, former CEO of Fiat Chrysler Automobiles (FCA), and an industry legend, has died. He was 66 years old.
“Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone,” said John Elkann, Chairman of FCA and CEO of EXOR. “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.”
Marchionne was recovering from surgery when unexpected complications arose and the situation quickly became significantly worse. As a result, he was unable to return to work. On Saturday, when news of his post-surgery decline in health arose, the Board of Directors of FCA appointed Mike Manley as CEO.
“The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO,” said FCA in its news release. “The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.”
As the news spread, tributes continue to pour in for a man whose unconventional style and approach made him truly stand out in the automotive industry.
According to the BBC, Italian President Sergio Mattarella said: “Marchionne wrote an important page in the history of Italian industry. As leader of Fiat, he went through years of very deep and radical transformation of markets, production systems, financial strategies and trade union relations.”
Former prime minister Silvio Berlusconi said: “With Sergio Marchionne, Italy loses not only the most brilliant of its managers, but one of the symbolic figures of our country. He represented the best of Italy.”
Ford Executive Chairman Bill Ford called him: “one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker.”
Other industry leaders such as Renault-Nissan-Mitsubishi chief executive Carlos Ghosn and General Motors CEO Mary Barra and many more have paid tribute and shared their respect for Marchionne’s great achievements.
The story of how Marchionne led the transformation and bringing together of both Fiat S.p.A. and Chrysler Group to create a global automotive powerhouse is the stuff of legends.
Marchionne also spoke at the 2014 CADA Summit.
Going forward, Manley has been granted all powers of CEO, and will assume responsibility for the NAFTA region, according to the carmaker. He will also need to boost the company’s competitiveness when it comes to electric and hybrid cars — in addition to meeting FCA’s goal of doubling its operating profit by 2022.
“Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA’s strong and independent future,” said FCA.
The Board of Directors of Ferrari has also taken action. They have named John Elkann as Chairman, and Louis C. Camilleri is expected to take over as CEO. Camilleri was the former Chairman and CEO of Philip Morris International — a cigarette and tobacco manufacturing company, according to various news sources. He was provided with the “necessary powers to ensure continuity of the company’s operation,” according to Ferrari.
Marchionne had previously held the reigns of Fiat for well over a decade, and has made significant contributions to Fiat, Chrysler and Ferrari.
