Sixty-six-year-old Sergio Marchionne, the former chief executive officer of Fiat Chrysler has died. Marchionne who was undergoing treatment in a hospital in Zurich, Switzerland was recently replaced as CEO, according to Exor NV, the holding company of Fiat’s founding Agnelli family. His health had deteriorated following complications from shoulder surgery, according to news agencies.
The sad news has come days after the Maranello-based company announced “with deep sadness” that Marchionne was unable to return to work, with John Elkann named as Chairman and Louis C. Camilleri CEO.
“Sergio Marchionne, man and friend, is gone,” Elkann said in a statement. “My family and I will be forever grateful for what he has done,” he said. Elkann, is also chairman and CEO of Exor.
CEO of Fiat SpA since June 2004, Marchionne has been credited for taking Fiat from the brink of bankruptcy to a profitable organization under Fiat Chrysler Automobiles NV, a company created when Fiat bought the Detroit carmaker Chrysler.
Agencies add: During his tenure at Fiat, Marchionne boosted the company’s value more than 10-fold by restructuring the auto business. Among the biggest spinoffs was the 2015 listing of supercar-maker Ferrari NV, where Marchionne also served as CEO and chairman.
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