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Sergio Marchionne (66), the grand boss of Fiat Chrysler, is dead. That the Italian-American automobile society still exists is the merit of the eccentric Marchionne. Who was he and why was he so important to the company?
Who is it again? That was the reaction in Italy when Fiat introduced in 2004 a new CEO of the fateful automobile company. An Italian born, that is to say, but raised in Canada and especially a work experience in the Swiss pharmaceutical industry.
Marchionne became the boss of Fiat in one of the most dramatic periods of the already boring Italian business. The founder Gianni and his brother Umberto Agnelli died shortly after the other
Billions of losses
The company made billions of losses, dirty cars (like the Multipla) and the largest shareholder, the Agnelli family, only a few young cousins interested and maybe the talents had to lead the case.
A senior executive who was able to renovate things under the Agnelli in recent years, was killed. The bankruptcy of the company founded in Turin in 1899 was seriously discussed in the Italian media at that time
. The Agnelli family
Fiat Chrysler is 29% owned by the Agnelli family, called Exor NV. John Elkann, president of the FCA and since yesterday also of Ferrari, is the boss. Exor is also a major shareholder, among others, of Juventus, Ferrari and The Economist
Master Trader
Marchionne quickly replaced much of the leadership after his appointment. He is also starting negotiations with General Motors. This company has a minority stake in Fiat but also the obligation to buy the entire company if it is requested in Turin. A nightmare scenario for the Americans
Chief negotiator Marchionne therefore forces them to transfer $ 2 billion to Turin. Which promises that they do not have to buy Fiat. Fiat has again released his hands but also the money needed to continue to exist. And to make changes.
Fiat 500 returns
And it happened. Under Marchionne, for example, the new Fiat 500 was launched in 2007. Not just in a motor show but with a 12 million euro Olympic Games opening show and with 100,000 guests in Turin.
The expectations of this era were amply realized with sales of over 2 million .
The Fiat 500 Collezione presented in Madrid. (photo: EPA)
Chrysler Incorporated Through Obama
An even bigger spectacle of the never-before-suit and almost always a dark sweater bearing Marchionne was the incorporation of the American Chrysler in 2009. For a very weak support. Fiat "pays" mainly with knowledge of how to make small energy-efficient cars. Something the American President of the time, Barack Obama, was charmed by
Obama was in his stomach with two fatally inadequate American car companies and Marchionne hit his battle. Finally, Fiat gets the majority of Chrysler in the hands for only $ 4 billion. Daimler had paid nine times more years. Marchionne was welcomed as a hero in the United States and Italy.
Because the takeover certainly saved Fiat itself. Where the Italian car market has stagnated in recent years, it has strongly attracted the United States. And through the dealerships Chrysler, Fiat-brand, Alfa Romeo and Maserati are opening a world.
A NV
Fiat Chrysler Automobiles (FCA) becomes less and less an Italian company under Marchionne. The head office is in London, it is officially a NV and for tax reasons (although they do not say so) located in the Netherlands and the heart of the production is the cattle more in Detroit than in the Netherlands. in Turin.
But Marchionne also has low for Italy. He brings Polish production back to a factory in the south of the country and also has the Jeep made in Italy today. And he puts Alfa Romeo, who has not long received a budget for the development of new models, again central.
Criticism in Italy
Yet, he also received a lot of criticism in Italy He closed a Fiat factory in the already economic The weak Sicily is fighting against unions that see their labor rights reduced by the l? Americanization of the company and contempt of all Italy because he pays taxes on his salary of millions of euros in Switzerland and not in Italy. Because he lived there for the few days that he was at home in the month.
The last few months have already noted that Marchionne was struggling with his health. He seemed extinct and had already announced that he would stop at the FCA in the spring of 2019. He might have wanted to settle entirely on Ferrari's Fiat subsidiary, which he had been president for a while.
Marchionne opened the New York Stock Exchange on behalf of Ferrari. (photo: AFP)
Health has deteriorated
Three weeks ago, however, he went to the Zurich Hospital for an operation on l & # 39; shoulder. This has proven to be much more serious, so serious that he has been replaced as a superior man. The boss of the FCA brand Jeep, Michael Manley, follows him immediately.
John Elkann, the president of FCA (grandson of founder Gianni Agnelli), misrepresents a letter saying that Marchionne's health has deteriorated. do not return anymore. "
"It's the hardest letter I've ever written," said Elkann, 42, who said Marchionne had been "a mentor" for him for 14 years and "the Best CEO you can imagine. " .
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