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The health of the longtime CEO has apparently deteriorated very suddenly. He succeeds to Louis Camilleri
Sergio Marchionne 2017 in New York. (Image: Seth Wenig / AP)
The Italian-American car manufacturer Fiat-Chrysler (FCA) is in shock. Overnight, the company lost its longtime managing director Sergio Marchionne, who completely transformed the company during his 14-year tenure.After a meeting of the board of directors held in Turin Saturday, the The company announced that Marchionne would not return to FCA or to his position as Chairman of the Board of Ferrari.
John Elkann, president of Fiat, said: "Sergio's State." There was a situation that was unimaginable hours ago, leaving a feeling of unfairness to all.Elkann 's words sounded like an obituary.His thoughts go first to "Sergio and his family", said the head of the holding Exor, which holds 29% of the shares. The FCA was an unmatched reference point. Marchionne was for him a trusted person, a mentor and most of all a friend, he says in the past
Complications after the operation
Marchionne had last played publicly in June before he went on. to install in Zurich Private Clinic to undergo surgery on the shoulder. Subsequently, there were apparently unexpected complications that would have prevented Marchionne from returning to work, according to the FCA
Marchionne's successor to FCA, the former boss of the brands Jeep and Ram, Mike Manley, was appointed, Briton, 54, is an engineer and began his career in 2000 with the DaimlerChrysler Group. In 2008, he became vice president in charge of international sales and overall model planning and in 2009 he became president of the Jeep brand, a task that he named the biggest of his life.
Marchionne's successor was born in Alexandria. Maltese Louis Camilleri. The 63-year-old economist studied in the UK and Switzerland, first as an analyst, then worked for Philip Morris and Kraft Foods before becoming a board member. Ferrari administration. In former FCA CNH (CN Industrial) also subcontracted, Suzanne Heywood takes over the presidency of Marchionnes as chairman of the company's supervisory board.
Marchionne wanted to leave his position as President of the FCA in the spring of 2019. Abruzzo native, Italokanadier, 66, migrated with his family to Canada at the age of 14 years. He studied philosophy, economics and law and earned a master's degree in business administration. He began his career as general manager of an aluminum company, before becoming director of the SGS testing company in Geneva. There, the shareholder Umberto Agnelli became aware of it and brought it to Fiat.
It became known Sunday afternoon that Marchionne must also abandon his position as chairman of the board of directors of SGS. The company was deeply saddened in a statement. As his successor Peter Kalantzis was determined.
The rescue of the bankrupt Fiat Group in 2004 is considered his greatest act. The man, who has always figured in a black cashmere sweater or cashmere jacket, is considered a talented negotiator, but also as an autocrat and has completely transformed the business. "Leadership is not anarchy, who is the boss in a big company, is alone, shared responsibility does not exist, sometimes I feel very lonely," he said. he already said, little is known about his private life, Marchionne liked to play poker, lived an isolated life and said that he had quit smoking a year ago, and during Marchionne's stock market has more than tenfold, the debt to suppliers has been reduced and the activities of Ferrari and CNH in the commercial vehicles and agricultural machinery sector have been split and sold successfully.Financial stock brought FCA writes today High profits were legendary Marchionne GM pressed more than 1.5 billion euros in 2004. Fiat and GM were bound by a 20% interest and a controversial put option, which would have forced GM to buy the remaining 80% GM finally bought 1.5 billion of them. Another strong point was the Chrysler acquisition – for only 900 million euros.
An Uncertain Future
However, Marchionne did not achieve all goals. The 2018 sales targets of 7 million vehicles are far from being achieved. The partnership aimed to develop alternative powertrains, autonomous vehicles and high-end vehicles and to reduce costs. FCA lacks a reasonable strategy for alternative drives and hybrid models. And the model range is obsolete. In the United States, the FCA is also testing for handling emissions measurements. There are billions of dollars of debt. FCA is moving towards an uncertain future.
Observers such as Turin expert Fiat and professor at the prestigious University of Milan Bocconi Giuseppe Berta also have doubts about the desired change for a global premium supplier with the brands Maserati / Alfa Romeo and Jeep / Ram. succeed. According to Marchionne's multiannual plan, Chrysler and Fiat will in the future only be regional brands, and in Italy only premium models will be produced. Unions fear job cuts at Fiat in Italy.
