The former Chief Marchionne is dead, forecasts lowered

TURIN / AUBURN HILLS Sergio Marchionne, one of Italy's best-known rulers, died Wednesday, when Fiat Chrysler announced the death of its longtime CEO, the automaker Italian-American presented disappointing figures. On Saturday, Fiat Chrysler Automobiles (FCA) had said the 66-year-old man was due to leave his position as chief executive for health reasons. After complications during an operation in Zurich, his condition had deteriorated so much that Marchionne could not resume his job as president and CEO of the Ferrari girl. The death of an Italian native with a Canadian pbadport is considered by many in Italy as the end of an era.

"Unfortunately, what we feared happened, Sergio Marchionne, a man and a friend, left," Fiat said. – and Ferrari president John Elkann, according to a statement. Italian President Sergio Mattarella paid tribute to Marchionne as a visionary who has written an important page in the history of the country 's industry, who has never despaired of conflicts and has not yet. has never stopped fighting for his plans

According to Ansa, the flags are lowered at half-mast. At the Fiat plant in Pomigliano, near Naples, the workers stopped working for ten minutes

Marchionne had achieved the long-awaited goal of releasing FCA's debt shortly before his death. However, the Group's sales are disappointing. The annual forecasts have been reduced, inter alia, because of problems with Chinese import duties. The stock has collapsed in Milan by closing the stock market by more than 15%.

For the entire year, the company expects that the profits from special effects before interest and taxes (EBIT) will only increase to 7.5 to 8. billion euros. At least 8.7 billion euros have been forecast. Fiat Chrysler is also more cautious on sales. This should now be between 115 and 118 billion euros, against 125 billion euros before.

In the second quarter, sales climbed 4% to 29 billion euros, the operating result falling 11% to 1.66 billion euros. In the end, the profit slipped by a good third to 754 million euros

A teleconference with investors and journalists featuring the new FCA leader and the former Jeep off-road jeep Mike Manley took place on Wednesday. a minute of silence. "There is no doubt that Sergio was a very special man, it's a very sad and difficult time," Manley said.

In unions and Formula 1, Marchionne was known as an uncompromising and uncompromising negotiator. The lawyer and the accountant moved to Fiat in 2004, when the Turkish company was about to go bankrupt. Ten years later, he led the recovery of his American competitor Chrysler. As a result, the value of the stock has increased more than any other company in the industry.

Marchionne actually wanted to say goodbye to the post at Fiat in 2019. Retirement plans at Ferrari, however, were not known. Ferrari's new boss was Louis C. Camilleri, who previously held executive positions at the multi-tobacco Philip Morris and knows the team's director Maurizio Arrivabene well. Elkann succeeded Marchionne as president of Ferrari.