[ad_1]
by Colleen Barry and Tom Krisher | AP July 25 at 19:13
MILAN – Sergio Marchionne, a charismatic and demanding CEO who designed two long-term business turnarounds to save the Fiat and Chrysler builders from an almost certain failure, died on Wednesday. He was 66 years old.
Fiat's founding holding, the Agnelli family, announced that Marchionne had died as a result of unexpected complications in Zurich. This happened several days after a deterioration in his health led the company to name a successor in a hurry.
At Fiat Chrysler Automobiles headquarters in Turin, corporate flags were deployed half-staff while Marchionne's successor of silence before a presentation of the results. Workers at a factory near Naples that Marchionne had brought back to life stopped production for 10 minutes in tribute. "Unfortunately, what we feared has happened," said John Elkann, heir to Fiat and director of Exor Holding. "Sergio Marchionne, man and friend, is gone."
The ANSA news agency reported that the cause of death was cardiac arrest. He suffered while he was recovering from an operation at the shoulder late last month, admitted to intensive care, followed by a second fatal event . Fiat Chrysler declined to comment, citing confidentiality issues.
The Italian-Canadian had planned to retire after the first quarter results next year, but the transition was accelerated after the company announced that the complications would not detail it. prevent his return. He was also replaced as CEO of sports car manufacturer Ferrari and CNH Industrial
Marchionne reversed the malfunctions of Fiat and Chrysler, merging them to become the world's seventh largest automaker, Fiat Chrysler Automobiles. Will, living on a business jet crossing the Atlantic to push employees to accomplish what most people thought impossible in the midst of a devastating global recession
Marchionne, born in Italy and emigrated to Canada at age 14, revived Fiat in 2009 when he was chosen by the US government to save Chrysler from his trip by bankruptcy protection after being owned by a private equity firm. "It is highly unlikely that Chrysler would exist today" he had not taken this bet, Analyst of Autotrader.com Michelle Krebs. "The company was in such bad shape, devoid of any kind of resources from the previous owners."
Marchionne has met most of his goals, although sometimes he has been doubted by almost everyone in the automotive sector. But he has not lived long enough to complete his last two: personally handing the reins of Fiat Chrysler to a handpicked protégé and developing plans to transform the Ferrari supercar builder
The manager, known for his folksy, colorful turns of phrase and for his dark cashmere sweaters, no matter the occasion, was the darling of the car badyst community. Even while expressing doubts about his bold targets, they showed admiration for his know-how. This implied that General Motors is paying $ 2 billion to break ties with Fiat, the key to reviving the troubled Italian brand, and the agreement with the US government to roll back Chrysler in exchange for small car technology. of Fiat
. ] Last Wednesday, US President Donald Trump tweeted: "Sergio Marchionne, who pbaded away today, was one of the brightest and most successful car leaders since the days of the legendary Henry Ford It was a great honor for me to get to know Sergio as POTUS, he loved the auto industry, and fought hard for that.He will be really missed! "[19659014MarchionnejoinsFiatafterbeingputtousebytheAgnellifamilytosavethecompanyFiatwasafamilybusinessforgenerationsandhavingsomeoneatthehelmofItalianrulingcircles-evenadynamolikeMarchionne-wasahugechange
. the CNH truck manufacturer and the Ferrari supercar builder. Both transactions generated considerable value for the shareholders of the heirs of the Agnelli family run by Elkann. Elkann, 42, made his mark under the leadership of Marchionne, taking the presidency in 2010 after being hired by his grandfather, the late Gianni Agnelli, ten years earlier, to run the family business.
A clearly moved Elkann delivered what amounted to impromptu praise and a message of gratitude to a man he called his mentor.
"He taught us to think differently and to have the courage to change, often unconventionally. a sense of responsibility for businesses and their inhabitants, "said Mr. Elkann over the weekend." He taught us that the only question that is worth asking at the end of each day is whether we have been able to change something for the better, if we could make a difference. "
revolve around a pair of Swiss companies that caught the eye from the Agnelli family, who joined Fiat's board of directors in May 2003, four months after the death of Fiat Scion Gianni Agnelli, and became CEO in June 2004, after the death of Gianni Agnelli's brother, Umberto , the president of Fiat, who left a family void in the company
Marchionne was free of local loyalty and he undertook to reduce the jobs and the expenses.the slimming management ranks and increases the value for the shareholders on the way, and brought other outsiders to key positions and revived the iconic 500, which has become one of the new Fiat's calling cards and a sign of rebirth 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 investment automobile industry. But although he tried another merger with General Motors, the discussions never resulted in an agreement. Still, pictures of Marchionne smoking chains waiting for talks with German Chancellor Angela Merkel in front of the Berlin Chancellery on the role of GM's subsidiary at the time, Opel, showed how personally he took the negotiations in hands
that his successor would come from within – so it was not surprising that the British manager Mike Manley, who helped Jeep to succeed on a global scale and at his own expense. Implant in Asia, was named CEO
"Obviously," said Manley during a conference call from badysts presenting the results of the second quarter. "Personally, having spent the last nine years of my life seeing or talking to Sergio almost every day, this morning's news is heartbreaking."
"There is no doubt that Sergio was a unique and unique man." Marchionne had never indicated his intention to leave Ferrari or CNH, suggesting that the tireless manager known for his short sleep cycles and his globe-trotter style would use these positions to keep a
In June, he introduced Fiat Chrysler's five-year plan, which included the launch of electrified powertrains through Fiat brands – a tacit recognition that the company had been slow to introduce hybrid, hybrid electric and electric engines.They also had to put Ferrari engines in Maserati cars while Marchionne was looking to take Tesla for the pioneer of the electric car.
The penchant for Marchionne's numbers was still clear in his attentive quarterly presentations, and he showed his true satisfaction during the presentation of n 2018 when he announced that the company had no debt, threading a tie briefly for the first time in ten years.
Other automotive leaders praised Marchionne's skill, creativity and determination. Ford CEO Bill Ford called Marchionne "one of the most respected leaders in the industry whose creativity and bold determination helped Chrysler to regain financial health and grow Fiat Chrysler in a profitable global car manufacturer. "
In his last public appearance as CEO, Marchionne in June attended a ceremony in Rome where a Jeep was presented to police paramilitary carabinieri." Marchionne began his brief remarks noting that his father had been a officer carabinieri
He says 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 adult sons, Alessio and Tyler
___
Colleen Barry, badociate press editor, reported this story in Milan and writer Tom Krisher has reported from Detroit. Authors of AP Frances D & # 39; Emilio and Nicole Winfield in Rome contributed to this report
Copyright 2018 The Associated Press. All rights reserved. This document may not be published, distributed, rewritten or redistributed.
[ad_2]
Source link
