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Author:
Catalina Apostoiu
Former Fiat Chrysler boss Sergio Marchionne died at the age of 66.
Marchionne was replaced as CEO at the weekend, and he was also retiring from the position of Ferrari CEO. The company then announced that its health had deteriorated following complications suffered as a result of a surgical operation in a Zurich hospital.
After rescuing Fiat from the edge of the abyss, Sergio Marchionne looked for the next challenge and took over. With audacity Chrysler in 2009. Surprisingly and against all odds, he managed to rectify the two giants, writes Deutsche Welle.
In a huge tribute to its importance in leading one of the world's largest automakers, Fiat Crysler and Ferrari gave up after the announcement of Marchionne's withdrawal from Fiat's management for health reasons.
None of the Chrysler or Fiat leaders were as hard-working as Marchionne, who joined the Italian company in 2004 He made bold bets that worked.
In the Marchionne year took over Fiat management, the company suffered losses of more than 6 billion euros. In 2005, he managed to recover it, making it profitable. In 2009, the administration of US President Barack Obama announced that Fiat would take control of Chrysler, thus saving the US bankruptcy company, according to Bloomberg.
The agreement with Chrysler was part of Marchionne's efforts to boost consolidation in the auto industry, which he claimed had too much ability for all players to survive. Marchionne was not only the head of Fiat Chrysler, but he also separately ran Ferrari and CNH Industrial, all of which were controlled by Exor holding the Agnelli family.
Marchionne was born in Italy but moved to Canada with his family at age 13. , according to DW. From there, he went to work for companies in Canada and Europe before joining Fiat. Famous for sweaters instead of costumes, he spoke fluent Italian and English.
During his 14-year tenure, the market value of Fiat has increased dramatically. The price of Fiat Chrysler has almost doubled since 2014 and the company's profit margin is higher than that of its two US rivals, Ford and GM
. "When it took over Fiat, it had a market capitalization of around $ 7 billion.Today, the FCA and Ferrari combined have a market capitalization of about $ 70 billion.This is a impressive achievement, "said John McElroy, automotive industry specialist at DW
Article published in the print edition of the financial newspaper of 26.07.2018
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