How did Sergio Marchionne die?
Sergio Marchionne, CEO Who Steered Fiat Chrysler, Dies Aged 66. Marchionne died on Wednesday at a Zurich hospital, just days after he had been replaced as CEO, according to Exor NV, the holding company of Fiat’s founding Agnelli family. His health had declined suddenly following complications from shoulder surgery,...
What did Sergio Marchionne do for Fiat?
Sergio Marchionne, CEO Who Steered Fiat Chrysler, Dies Aged 66. During his tenure at Fiat, Marchionne boosted the company’s value more than 10-fold by restructuring the auto business and separating assets. Among the biggest spinoffs was the 2015 listing of supercar-maker Ferrari NV, where Marchionne also served as CEO and chairman.
What happened to Marchionne's treasure?
Everyone else's trash was Marchionne's treasure. When Chrysler collapsed during the Great Recession and the auto industry's financial crisis, the Bush and Obama administrations provided billions in emergency loans that preserved the company and funded its Chapter 11 bankruptcy.
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Where is Sergio Marchionne buried?
Marchionne, who emigrated to Canada as a teen with his family, has been buried alongside his parents and his sister in Toronto.
What is Sergio Marchionne leadership style?
Sergio Marchionne is a typical Executive who looks to execute his work in a professional style. He was best-known for leading the turnaround of the Italian automotive group Fiat. He as a person has a very straight-forward approach of keeping his focus on executing the work with whatever it takes to complete it.
What was Marchionne known for?
Marchionne also was known for his candid, colorful, intellectual and occasionally fiery responses to questions from journalists and analysts.
How long did Marchionne plan for the future?
In an industry in which information about the future is often hard to come by, Marchionne set out a clear vision. He had a policy of revealing five-year plans for the company's growth, including his latest June 1.
What happened to Chrysler during the Great Recession?
When Chrysler collapsed during the Great Recession and the auto industry's financial crisis, the Bush and Obama administrations provided billions in emergency loans that preserved the company and funded its Chapter 11 bankruptcy.
How many employees did Bernstein have?
While it may have taken a tremendous physical toll on him, his work ethic helped preserve the jobs of 236,000 employees, Bernstein noted.
What was Marchionne's leadership?
Marchionne's leadership was rooted in his exceptional work ethic.
Who is the CEO of Jeep?
Mike Manley, who succeeded Marchionne as CEO after serving as head of Jeep and Ram, said in June the company's goals is for 1 in 12 utility vehicles worldwide to be Jeeps by 2022. In 2009, it was 1 in 23.
Did Marchionne invest in self driving cars?
In addition, Marchionne refused to invest heavily in self-driving cars while the rest of the industry was piling money into the technology. Instead, he struck a partnership with former Google driverless car project Waymo, which many observers now believe is leading the pack.
What was the Marchionne deal?
The Chrysler deal was part of a long-standing campaign Marchionne had waged to spur consolidation in the auto industry , which he claimed had far too much capacity for all players to survive. To that end, he publicly campaigned for a merger with General Motors Co. in 2015 but was rebuffed by the U.S. carmaker.
Where is Marchionne from?
Marchionne was born on June 17, 1952, in Chieti, a hilltop town near the Adriatic sea in central Italy. His father was a local policeman, and when Marchionne was 14 the family moved to Toronto.#N#A chartered accountant and attorney with dual Canadian and Italian citizenship, Marchionne began his career in Canada at Deloitte & Touche, then moved on to packaging producer Lawson Group. In 1994, Marchionne joined Alusuisse Lonza Group Ltd. after the Swiss chemical and pharmaceutical company acquired Lawson.
What was the purpose of Marchionne's confessions of a capital junkie?
Marchionne’s 2015 “Confessions of a Capital Junkie” treatise painted the auto industry as a laggard in enterprise value and return on investment versus other businesses. To survive the next economic downturn, he preached that more mergers and acquisitions among the top car producers would be necessary. After overtures to first GM then Volkswagen failed to gain traction, Marchionne finally acknowledged that Fiat Chrysler was prepared—and able—to pursue its global aspirations without a partner.
How many children did Marchionne have?
Marchionne is survived by two grown sons and his longtime companion Manuela Battezzato. He will be missed by thousands of employees around the world whose jobs he saved and scores of journalists impressed by his ability to fix circumstances others deemed far beyond repair.
When did Chrysler and Fiat merge?
In lieu of liquidation, Marchionne closed unneeded dealerships, cleaned house in the executive suite, and instituted sweeping changes in the product lineup. The following year, Chrysler emerged from bankruptcy as part of the Fiat Group with Marchionne as CEO. The two companies completed their merger in 2014.
Where was Marchionne born?
Marchionne was born in Chieti, Abruzzo, Italy in 1952. At age 13, he and his family relocated to Toronto, Ontario, Canada. As a result of the move, Marchionne enjoyed dual Canadian and Italian citizenship and was fluent in English, French, and Italian. Following undergraduate studies, he earned Bachelor of Commerce and MBA degrees from the University of Windsor plus a 1983 law degree from Osgoode Hall Law School at York University.
Who saved Chrysler from bankruptcy?
Capeless crusader Sergio Marchionne didn’t singlehandedly save Chrysler or Fiat from bankruptcy, but without his tireless feats of ingenuity, those two automakers would surely be gone today. Unfortunately, it’s Marchionne who perished on July 25th, following complications from cancer surgery on his shoulder at Zurich, Switzerland’s University Hospital.
