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Wednesday, July 25, 2018

Auto trade legend corporate executive Sergio Marchionne dies at age sixty six

Auto trade legend corporate executive Sergio Marchionne dies at age sixty six

"It is with the deepest disappointment that EXOR has learned of the passing of Sergio Marchionne," FCA Chairman John Elkann, from the Agnelli family, same in an exceedingly statement.
Marchionne was replaced as corporate executive of the automaker last weekend.





Marchionne was born in 1952 within the Italian city of Chieti, concerning one hundred twenty miles east of Rome.

Former order Chrysler (FCA) corporate executive Sergio Marchionne has died at the age of sixty six, in step with a press release by the carmaker's dominant family shareowner.

"It is with the deepest disappointment that EXOR has learned of the passing of Sergio Marchionne," FCA Chairman John Elkann, from the Agnelli family, same in an exceedingly statement.

“Unfortunately, what we tend to feared has come back to pass. Sergio Marchionne, man and friend, is gone. i feel that the simplest thanks to honor his memory is to make on the bequest he left United States of America, continued to develop the human values of responsibility and openness of that he was the foremost ardent champion."


Marchionne was replaced as corporate executive of the automaker last weekend and conjointly stepped down from his twin role as corporate executive of Ferrari, the motorcar manufacturer spun aloof from order over two years agone. the corporate same at the time that his condition had worsened when he fell gravely sick following complications throughout surgery in an exceedingly city hospital.

In associate degree emotional letter at the weekend, Elkann hailed Marchionne's tenure, sought-after to reassure workers concerning the longer term, and rally them around recently appointed corporate executive electro-acoustic transducer Manley.

Fiat cluster turnaround
Marchionne was born in 1952 within the Italian city of Chieti, concerning one hundred twenty miles east of Rome.

His father served within the Italian force called the carabinieri, and {one of|one among|one in an exceedinglyll|one amongst|one in every of} Marchionne’s most recent official duties was at hand over a auto in a presentation to the safety force.

Chrysler corporate executive Sergio Marchionne attends a news conference at Chrysler headquarters Gregorian calendar month one, 2009 in reddish-brown Hills, Michigan.
He emigrated along with his family to Toronto, Canada, in his adolescent years and as a result, spoke fluent English, French and Italian.

The Italian-Canadian became a graduate of the University of Toronto wherever he received a degree in philosophy, moreover because the University of Windsor wherever he completed his Master in Business and Bachelor of Commerce degree. He earned  his academic degree in 1983 at the Osgoode Hall school of law of royal family University.


Marchionne is understood to own contend a central role within the turning around of the troubled order cluster into one in all the foremost in firms within the industry.

Appointed corporate executive in 2004, Marchionne became the company’s fifth chief govt in only 2 years. He began a program of reform at the debt-laden firm, equalization the counter demands of powerful politicians and Italy’s robust unions.

Chrysler merger
With the support of U.S. and Canadian governments, the order cluster entered into a strategic alliance with the bankrupt U.S. auto maker Chrysler. inside 2 years Chrysler had exited Chapter eleven and came to profit.

In 2014, the 2 corporations incorporated to become order Chrysler vehicles (FCA) and within the same year Marchionne proclaimed that the joint company's close to $13 billion debt pile had been drained.

Italian-listed shares of order Chrysler fell around five % on Mon following the news that Marchionne wouldn't come back to figure. They fell an extra ten % Wed when the firm unconcealed its second-quarter profit had slipped by over a 3rd from last year, which it absolutely was lowering its full-year revenue and in operation profit targets.

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