Recently there was news that the driving force behind FCA’s (Fiat Chrysler Auto) growth, Sergio Marchionne, would be stepping down from his position as the Head of FCA and Ferrari after his surgery, this sent the shares down 5%.
“Fiat Chrysler Automobiles communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours,”
The former chief executive of carmaker Fiat-Chrysler, Sergio Marchionne, has passed away in a hospital in Zurich at the age of 66.
An accountant and lawyer by education, Mr Marchionne joined Fiat in 2004 after the death of its patriarch Gianni Agnelli. In 2009 he lead the Fiat and Chrysler merger. With both companies struggling with finances, Mr Marchionne bailed out the group by successfully hiving off Chryslers Tractor Arm and Ferrari. He managed to wipe off FCA’s $13Billion debt this year, he described it as a “healing” process for the brand image.
Mike Manley, the head of FCA’s JEEP brand now replaces Mr. Marchionne