The Italian-Canadian Sergio Marchionne, who rescued Fiat and Chrysler, dies at 66

MILAN-Sergio Marchionne, a charismatic and demanding Italian and Canadian citizenry leader, who devised two long-term business restorations to save Fiat and Chrysler from an almost certain failure, died on Wednesday . He was 66 years old.

The holding of Fiat's founders, the Agnelli family, announced in a statement the death of Marchionne after surgical complications in Zurich

"Unfortunately, what we feared happened," said John Elkann, heir to Fiat. . "Sergio Marchionne, man and friend, is gone."

Marchionne has built the dysfunctional businesses into the world's seventh largest automaker almost by personal force, living on a stream of companies crossing the Atlantic to push employees to accomplish what most people thought was impossible in the midst of a devastating global recession

Born in 1952 in Italy, Marchionne came to Canada when his parents emigrated. He earned a Bachelor of Arts degree from the University of Toronto, a law degree from Osgoode Hall Law School from York University in Toronto and two degrees from the University of Windsor – Master of Business Administration and Bachelor of Commerce.

Marchionne began his career He worked for several companies in Canada before joining Algroup, headquartered in Zurich, where he eventually became the CEO. He then held several other senior positions in various European companies before joining Fiat.

Marchionne revived Fiat in 2009 when he was chosen by the US government to save the American Chrysler company from bankruptcy protection. "It is highly unlikely that Chrysler exists today because it has not taken this gamble," said Michelle Krebs, an badyst at Autotrader.com. "The company was in such bad shape, being stripped of all kinds of resources by the previous owners."

Marchionne met most of his goals, though sometimes he was doubted by almost everyone in the auto sector. But he did not live long enough to complete his last two: personally handing the reins of Fiat Chrysler Automobiles to a handpicked protégé and developing plans to transform the Ferrari supercar builder

Marchionne suffered a Shoulder surgery in the summer of 2018 and the company said last weekend that complications meant that it could not come back.

The director, known for his folkloric and colorful turnings and for his dark cashmere sweaters no matter what occasion, was the darling of the automobile industry badyst. Even while expressing doubts about his bold targets, they expressed their admiration for his know-how. This implied that GM is paying $ 2 billion to break ties with Fiat, key to the struggling Italian automaker's relaunch, and agreement with the US government to take Chrysler penniless in exchange for small technology. Fiat cars

. Marchionne joined Fiat after being put to use by the Agnelli family to save the company. Fiat has been a family business for generations, and having someone at the helm of Italian rulers – even a dynamo like Marchionne – has been a huge change

. and the CNH truck manufacturer and the Ferrari supercar manufacturer. Both transactions have resulted in considerable value for shareholders of the heirs of the Agnelli family led by John Elkann. Elkann is imposed under the leadership of Marchionne, taking the presidency in 2010 after being hired more than a decade earlier by his grandfather, the late Gianni Agnelli, to lead the family business.

. Emotional Elkann delivered what turned out to be an impromptu eulogy and a message of gratitude to a man that he called his mentor. "It has taught us to think differently and to have the courage to change, often in unconventional ways, always acting with a sense of responsibility for businesses and their people," Elkann said over the weekend. "He taught us that the only question worth asking at the end of each day is whether we were able to change something for the better, if we could make a difference."

revolve around a pair of Swiss companies that caught the attention of the Agnelli family. He joined Fiat 's board of directors in May 2003, four months after the death of Gianni Agnelli. He became CEO in June 2004, following the death of Gianni Agnelli's brother, Umberto, president of Fiat, leaving a family void in the company

Outsider, Marchionne released by local loyalties. Slimming management ranks and increases value for shareholders along the way. He brought other strangers to key positions and relaunched the iconic 500, which has become one of the new Fiat's calling cards abroad.

While he was starting small with limited industrial alliances, his ambitions grew rapidly. Chrysler's bankruptcy gave him the opportunity to create a global car company with brands including Jeep, Ram, Alfa Romeo, Ferrari and Maserati that he envisioned would increase to 6 million cars a year. A global economic crisis that has reached its peak in major US and European markets has prevented it from achieving this goal, but its industrial vision has never faltered by turning CNH and Ferrari into autonomous entities.

His most quoted talk to badysts, titled "Confessions of a Junkie Capital," argued that consolidation was inevitable in the heavy auto investment industry. But although he tried another merger with General Motors, the discussions never resulted in an agreement. Yet press photographs of a Marchionne smoking chains waiting for talks with German Chancellor Angela Merkel in front of the Chancellery in Berlin on the role of GM's subsidiary at the time, Opel, showed to what He personally took the negotiations into his hands. resign from his position as CEO of FCA after the end of 2018, with the presentation of the end of year results in April. He always insisted that his successor would come from within – so it was not surprising that Britain's Mike Manley, who helped Jeep succeed in the world and gain a foothold in Asia, had been named as his successor when Marchionne's health failed.

He had never indicated any plans for Ferrari or CNH, leaving many to speculate that the tireless manager known for his short sleep cycles and his globe-trotter style would use these positions to keep a place in the world from the automobile.

on FCA's five-year plan – raising the eyebrows of badysts who commented that it would not be the only one to execute the plans. He responded by expressing his confidence in his hand-picked team who helped write the targets.

The plans included the launch of electrified powertrains through Fiat brands – a tacit acknowledgment that the company was late in introducing hybrid, hybrid and electric engines. They also had to put Ferrari engines in the Maserati cars while Marchionne was looking to take Tesla for the electric car pioneer – but unlike Tesla, who has not yet made a profit, the profits were fundamental at FCA.

was always clear in his attentive quarterly presentations. He revealed his true satisfaction during the June 2018 presentation, when he announced that the company had reached zero debt by putting on a tie for the first time in a decade, but briefly.

His next major gesture was the presentation of a new business plan in September for Ferrari, which he aims to turn into a luxury business beyond cars to increase profits.

In his last public appearance in his role as CEO, Marchionne in June attended a ceremony in Rome. was introduced to police paramilitary carabinieri. Marchionne began his brief remarks noting that he had grown up in a home where his father was a carabinieri officer.

He said that he recognized in the carabinieri "the same values ​​at the base of my own education: seriousness, honesty, sense of duty. discipline and spirit of service.

Marchionne was divorced. He is survived by his companion, Manuela Battezzato, and two grown sons.