The former CEO of Fiat Chrysler, Sergio Marchionne, has passed away. Just a day ago, Mike Manley was named as the new CEO, which now shed some light on the change. Due to complications from a surgery, Sergio Marchionne’s death was confirmed by Exor NV which is the holding company of Fiat’s founding Agnelli family.
The surgery was for his shoulder but due to complications from it, his health deteriorated. Sergio Marchionne was 66 years old when he passed away.
Heralded as the architect who turned both Fiat and Ferrari around, he was credited with the current success of both Fiat and Ferrari which were both nearly bankrupted before he took over in 2004. Both companies underwent immense changes until 2014 when Marchionne introduced to the stock market, Fiat Chrysler Automobiles NV after buying over the Detroit carmaker.
His methods weren’t popular especially with the unions in Italy as he slashed jobs and negotiated wages with them. But they were effective. He was a workaholic and he was trained as an accountant and lawyer.