Published: Wed, July 25, 2018
Finance | By Cynthia Curry

Sergio Marchionne, the architect of Fiat Chrysler’s turnaround, has died at 66

Former Ferrari chairman and CEO Sergio Marchionne has died at the age of 66.

Marchionne suffered an embolism while undergoing an operation for an invasive shoulder sarcoma and suffered irreversible damage to his brain function, an Italian business website reported Tuesday.

Fiat Chrysler has said Manley will work to ensure a "strong and independent" future for the group.

"Sergio created a remarkable legacy in the automotive industry", Mary Barra, chairman and CEO of General Motors said in a statement. The company appointed Mike Manley, 54, head of the automaker's Jeep and Ram brands, as Marchionne's successor.

"We are deeply saddened by the passing of Sergio Marchionne".

Born in Italy, Marchionne's family emigrated to Canada when he was 13, and he had dual-citizenship.

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Marchionne was placed in intensive care at a hospital in Switzerland late last week after suffering complications from shoulder surgery.

Cape Town - Former Ferrari boss Sergio Marchionne has passed away after a brief illness. "Our thoughts are also with our industry colleagues at Fiat Chrysler as they deal with this sudden loss". Regarded as a saviour of Fiat, Italy's automotive champion, the Italian-born Marchionne set in motion the marriage between Fiat and bankrupt USA rival Chrysler just over a decade ago.

CFO Richard Palmer, who was also on the call, said Marchionne was unique, and that he was grateful to have worked alongside him for the last 12 years.

While this was a threat made many times during the legendary Italian team's long history, somehow, coming from Marchionne, it seemed more feasible.

Jetting between the company's offices and design studios in Europe and the United States, Marchionne dominated Fiat Chrysler, eclipsing the executives under him. In 1994, Marchionne joined Alusuisse Lonza Group Ltd. after the Swiss chemical and pharmaceutical company acquired Lawson.

Marchionne is survived by his partner, Manuela Battezzato, his estranged wife, Orlandina and his two children, Alessio and Tyler.

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