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.
“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
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