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Now it would be a great deal. General Motors (GM) merged with Fiat Chrysler Chrysler CEO Sergio Marchionne and encouraged hedge funds and other allies to put pressure on General Motors.
The street
The FCA Board of Directors met on Saturday and appointed Mike Manley, who had headed the Jeep and Ram brands, as Marchionne's successor. The Ferrari board of directors has appointed John Elkann as new chairman after announcing that Marchionne would be unable to return to work.
Elkann is also president of the FCA and heir to the founding family of the company. In a statement released on Saturday, he said: "I am deeply saddened to learn Sergio's state of health, an unthinkable situation a few hours ago and that leaves us all with a sense of unfairness
"My first thoughts go to Sergio and his family."
According to Italian reports, Marchionne is in a clinic at the University of Zurich, where his two sons and his many-year-old partner Manuela Battezzato, who works in communications FCA
The newspaper Corriere della Sera of Milan stated that his health was "very serious."
The Milan newspaper stated that Marchionne seemed very tired during an event Jeep of June 26 "That day, after the meeting with the general commander of the carabinieri Giovanni Nistri, Marchionne returned home exhausted," said a Google translation of the report
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Marchionne, 66, is an Italian-Canadian citizen with an MBA from the University of Windsor and a career mainly in Europe. He was chosen to drive Fiat in 2004. The company was paired with Chrysler as the smallest of the Detroit 3 builders emerged from bankruptcy with the help of a US government bailout in 2009 Fiat concluded its contract for Chrysler in 2014, and in 2017, Fiat Chrysler reported a pre-tax profit of $ 4.4 billion (3.5 billion euros).
Achievements & # 39; miraculous & # 39;
Marchionne leaves a lasting legacy with Detroit and his work at FCA, because without his "bet and his vision", Chrysler Michelle Krebs, executive badyst for Autotrader
"During the Great Recession and even within the group of President Obama's work, there were thoughts of dropping, "said Krebs. "He is leaving behind a very healthy business, he has achieved phenomenal success, I have attended all the meetings of the Five-Year Plan, and each time they seemed incredibly ambitious, but they usually reached them."
She said the move from FCA management to veteran Manley is the right decision as Manley knows every aspect of the company to pursue the new five-year plan that FCA unveiled last month in Italy. Much about the success of the Jeep and FCA global brands.
"The Dodge, Chrysler and Fiat brands are subject to many changes and the question is whether they could still exist," Krebs said. "But Mike was at the center of the presentation of the five-year plan and they have a good blue print plan. They allowed some room for maneuver in case of economy. They prepared because they knew everything he was planning to retire.
Marchionne, 66, is a well-known workaholic and a fat smoker until about a year ago, when sources say he's resigning. His current health conditions are a shock, says Krebs.
- He had planned to retire in 2019.
Carl Galeana, president of Galeana Automotive Group, met Marchionne in 2008 when Galeana was president of the Detroit auto show.
Galeana Automotive has seven dealers, two in the Detroit subway: Van Dyke Dodge and Fiat Alfa Romeo at Lakeside. The others are in Florida and South Carolina.
Galeana was Detroit's first dealership to open a Fiat dealership in 2011, and Marchionne came to the store's inauguration, Galeana said.
"He drove there and he was just the best guy and he saved our bad, literally," Galeana said. "If it was not for him, we would all be gone." With regard to his legacy, he is there. "
News of the decline of Marchionne's health and leadership "shocked," said Galeana.
"I'm just happy that he came to FCA," Galeana said. "He was a guardian angel and he saved us."
Smoking and watching
Marchionne is a bit of a "character," said Jeremy Anwyl, CEO of Trucks.com in Tampa, but has "this singular ability to Anwyl met Marchionne after the". having met in 2009, during Anwyl's tenure as CEO of Edmunds.
Once at the Detroit auto show, Marchionne "figured out how to smoke there, even Marchionne smoked when a man s & # 39, approached him and Anwyl, who wore an elegant Swiss watch that Marchionne admired
"Sergio loved watches, so they embarked on this intense conversation about Switzerland. "Meanwhile, several top Canadian leaders were in the hallway waiting 20 minutes to meet Marchionne, but" Sergio had a pbadion for these watches and was going to continue the conversation. "
Marc Hionne's approach to leadership was similar, said Mr. Anwyl.
" He was known to walk down the halls (at the FCA) and jump into people's offices and talk to them and get to know them on a personal basis, "said Anwyl." He would find people he thought were smart, they might not have been experts in this area, but they wanted to have a chance. He gave them this unique opportunity to prove themselves. "
Marchionne" often returned to his normal career and for the people he chose "for some jobs, and if they did well, they were rewarded.
"But the work that he asked them to do was very difficult," Anwyl said. "Look at the Chrysler bankruptcy." No one said it could be done, but they did. "He set high goals and the people he ran worked ridiculous hours. "
There were regular" world meetings "that would last 24 hours, he said. At these "intense" meetings, decisions were made on the spot, said Anwyl. He said that it is so that the FCA has recovered quickly in the difficult markets.
"It was his style.He removed it on more than one occasion," Anwyl said. "The fact that FCA exists, is its very tangible legacy."