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Sergio Marchionne

Sergio Marchionne
Marchionne in 2007
Born17 June 1952
Chieti, Italy
Died25 July 2018(2018-07-25) (aged 66)
Zürich, Switzerland
Alma materUniversity of Toronto
University of Windsor
Osgoode Hall Law School
Occupation(s)Former Chairman of CNH Industrial
Former CEO of Ferrari
Former CEO of Fiat Chrysler Automobiles
Former Chairman of Maserati
Former CEO of FCA Italy
Former CEO of FCA US
Former Chairman of SGS
SpouseOrlandina (div.)[1]
PartnerManuela Battezzato[2][3]
Children2 sons

Sergio Marchionne (Italian: [ˈsɛrdʒo marˈkjɔnne]; 17 June 1952 – 25 July 2018) was an Italian-Canadian businessman, widely known for his turnarounds of the automakers Fiat and Chrysler, his business acumen and his outspoken and often frank approach, especially when dealing with unpalatable issues related to his companies and the automotive industry.

Marchionne was the chairman of CNH Industrial, the chief executive officer (CEO) of Fiat Chrysler Automobiles (FCA), the chairman and CEO of FCA US LLC, the chairman and CEO of Ferrari, and the chairman of Maserati. He was the chairman of Swiss-based SGS and vice chairman of UBS from 2008 to 2010, as well as the chairman of the European Automobile Manufacturers Association for 2012 (first elected in January 2006).[4][5] He was a member of the Peterson Institute for International Economics, and the chairman of the Italian branch of the Council for the United States and Italy.

Noted for his keen observations of the automotive industry, Marchionne's insights ranged from frank criticism of his company's own products to a highly regarded 2015 presentation titled Confessions of a Capital Junkie, extolling the benefits of industry consolidation.[6]

Marchionne was widely recognized for turning around Fiat Group to become one of the fastest-growing companies in the auto industry,[7] in less than two years.[8] In 2009, he was instrumental in Fiat Group forming a strategic alliance with the ailing US automaker Chrysler, with the support of the U.S. and Canadian governments and trade unions. Less than two years later, following its emergence from Chapter 11, Chrysler returned to profitability, repaying some of its government loans.[9][10] In 2014, Fiat and Chrysler merged into a new holding company, Fiat Chrysler Automobiles, now the seventh-largest automobile manufacturer in the world.[11]

Following complications from surgery, Marchionne resigned from all of his positions in July 2018,[12] and he died a few days later.[13] The American business channel CNBC described Marchionne as a "legend" of the automotive industry,[14] while the British newspaper Financial Times considered him as having been "one of the boldest business leaders of his generation".[15]

  1. ^ "Sergio Marchionne, la compagna Manuela sempre al suo fianco". Today.it. 20 October 2017. Retrieved 25 July 2018.
  2. ^ "Sempre a fianco di Sergio". LetteraDonna. 23 July 2018.
  3. ^ "Sergio Marchionne, who saved Fiat and Chrysler, has died". Cnbc.com. 30 March 2015. Retrieved 25 July 2018.
  4. ^ "Europe: Sergio Marchionne re-elected president of ACEA". Automotive World. 12 January 2007. Retrieved 1 September 2012.
  5. ^ "UBS Plans to Cut Chairman's Next Term After Subprime Losses". International Herald Tribune. Retrieved 27 February 2008.
  6. ^ Ebhardt, Tommaso (26 May 2015). "Fiat CEO's merger confession called 'spot on'". The Detroit News. Bloomberg News. Archived from the original on 30 July 2015.
  7. ^ "Fiat Burning Rubber". BusinessWeek. Archived from the original on 9 February 2007. Retrieved 17 May 2007.
  8. ^ "Fiat Net Profit Soars as Automaker Promises the First Dividend Since 2002". MSNBC.com. 25 January 2007. Retrieved 17 May 2007.
  9. ^ "Liberal government writes off $1.1B US loan to Chrysler, plus interest, docs show". CBC. 2018. Retrieved 8 June 2021.
  10. ^ "Ontario government writes off $445M loan to Chrysler". CBC. 2018. Retrieved 8 June 2021.
  11. ^ "Fiat Chrysler to spin off Ferrari, issue $2.5 billion convertible bond". Reuters. 29 October 2014. Retrieved 11 July 2015.
  12. ^ Jackie Wattles; Chris Isidore; Peter Valdes-Dapena (21 July 2018). "Sergio Marchionne, auto legend, steps down as CEO of Fiat Chrysler". CNN. Retrieved 22 July 2018.
  13. ^ "Zurigo, morto a 66 anni Sergio Marchionne – Tgcom24". Tgcom24 (in Italian). Retrieved 25 July 2018.
  14. ^ "Auto industry legend CEO Sergio Marchionne dies at age 66". Cnbc.com. 1 October 2009. Retrieved 25 July 2018.
  15. ^ Sanderson, Rachel (25 July 2018). "Sergio Marchionne, car company executive, 1952–2018". Financial Times. Ft.trib.al. Retrieved 25 July 2018.

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