The auto industry and motorsport world mourn the loss of one of their legendary CEOs. Sergio Marchionne, long time Chairman and CEO of both Fiat Chrysler Automobiles and Ferrari has passed away in hospital at the young age of just 66.
News broke over the weekend that the Italian businessman’s health had declined rapidly and he was placed in intensive care at a Swiss hospital due to complications from a shoulder surgery performed at the beginning of the month. Italian media reported that the surgery was to combat undiagnosed prostate cancer that had spread, but his family has since denied these allegations.
The news of Marchionne’s passing was announced Wednesday morning by John Elkann, the man who took over Marchionne’s place as Chairman of FCA and Ferrari. His statement read in part:
“Sergio Marchionne, man and friend, is gone. I believe that the best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion. My family and I will be forever grateful for what he has done. Our thoughts are with Manuela, and his sons Alessio and Tyler.”
A graduate from the University of Toronto, University of Windsor and York University, Marchionne was appointed CEO of Fiat, a company on a brink of bankruptcy, in the spring of 2004. In just a short year, he had managed to return the company to profitability. He led the way for Fiat to buy Chrysler in 2009, rescuing the company from impending doom. This formed the Fiat Chrysler Automobiles company, which shot to the New York Stock Exchange in 2014.
Marchionne also became the CEO and Chairman of Ferrari in 2016, following the resignation of Amedeo Felisa. In 2014, FCA decided to make Ferrari an independent company, allowing Marchionne to keep his title at the top of both companies. The company was fully separated at the start of 2016.
Known for his trademark black pullover sweater and jeans, Marchionne was frequently criticized for cutting costs and laying off workers, a change required for the company to survive. He was set to retire in 2019, but it was announced over the weekend that he wouldn’t be able to return to work due to his complications and other businessmen were selected to fill his place at FCA and Ferrari.
Marchionne is survived by his partner Manuela and his two sons Alessio and Tyler.
