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CEO Sergio Marchionne, who died Wednesday, apparently hid from his Fiat Chrysler business that he was suffering from a serious illness for a long time
FCA boss Sergio Marchionne died on July 25th. (Image: Luca Bruno / AP)
tsf ./ (Bloomberg) The boss of Fiat Chrysler, Sergio Marchionne, who died on July 25, 66, was seriously ill for some time. The director was in Zurich for more than a year due to a serious illness regularly undergoing treatment, said the Zurich University Hospital (USZ) on Thursday. The hospital makes no reference to the disease and the specific cause of death with regard to protecting the privacy of patients.
Apparently, even the disease remained the Fiat Chrysler Group until recently. The company said Thursday night that they had "no knowledge of the facts". It was only Friday, July 20, that Marchionne's family pointed to the serious deterioration of Marchionne's health. The family then informed that Marchionne could no longer begin work. The board then takes immediate action at a special meeting and regulates Marchionne's succession to head FCA and Ferrari. On this, the media have been informed. Even FCA President John Elkann was surprised by the development.
Marchionne's family confirmed Thursday by email that Fiat Chrysler had not been informed of the CEO's health until late last week. Apparently it was only then that the parents knew that he could not take the job.
Few Evidence of Disease
Previously, there was evidence of illness, but no alarming case out. About three weeks ago, an Italian web portal reported that Marchionne had been admitted to a hospital. Fiat Chrysler confirmed it on July 5th. Marchionne had undergone a shoulder operation, the company said at the time. The disease requires only a "short convalescence", it is said in the message. Marchionne was last seen publicly on June 26 during an event in Rome
When Should a Business Be Informed?
Of course, in such a case, always respect medical confidentiality. However, the health of a CEO is not always a private affair. Businesses and investors also have a certain right to know when there are problems at the top of the business. If the company should have been informed earlier can not be judged from the outside. If the statements of Fiat Chrysler and the family match, apparently even close employees have not noticed anything until recently – or at least they did not ask for it. Marchionne was considered a workaholic, but also an autocrat. "Leadership is not anarchy," he said in an interview. Who orders, be alone. Shared responsibility does not exist. Marchionne wanted to hand over the scepter of the Fiat Chrysler Group to an internal successor in April 2019.
Ceremony of mourning in the nearest circle
An important ceremony of mourning for Marchionne is not expected. Only family members and closest friends will bid farewell to the 66-year-old in a private circle. In September, a commemoration ceremony will be held at FCA Headquarters in Turin and Auburn Hills, the company said
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