Former Fiat Chrysler boss Sergio Marchionne has died

Sergio Marchionne dies following complications with surgery

Sergio Marchionne, the former chief executive officer of Fiat Chrysler and architect of the automaker's dramatic turnaround, has died.

On the day his predecessor, Sergio Marchionne, dies, Michael Manley steps into his new role as FCA CEO announcing that one of the former CEO's goals, positive industrial cash flow, is achieved for the first time at €500 million ($584 million) in second-quarter 2018.

According to Automotive News, a report from Italy late Tuesday indicated that Marchionne suffered an embolism after "high-risk" surgery to remove a sarcoma in his shoulder in late June.

Marchionne, who called himself a corporate fixer, was the fifth CEO at Fiat in just over 18 months when he took the reins. He was replaced as chief executive last weekend after Fiat Chrysler (FCA) said his condition had worsened.

And the Italian passed away on Wednesday, John Elkann, his replacement as chairman, confirmed.

In addition to leading Ferrari's F1 fortunes as company president for more than a decade, he also is credited with saving financially troubled Fiat and Chrysler from what many believed was certain extinction. That included getting GM to pay $2 billion to sever ties with Fiat, key to relaunching the long-struggling Italian carmaker, and the deal with the USA government to take Chrysler without a penny down in exchange for Fiat's small-car technology.

On Saturday, FCA named Jeep division head Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June.

USA senators push sanctions to send Putin election meddling warning
President Donald Trump last week invited Putin to visit Washington this autumn in the aftermath of their summit in Helsinki. Instead, the Kentucky Republican issued a direct warning to Russian Federation to back off.

Trump offers help to farmers hit by escalating China trade war
They said they believed that there are few signs talks among senior officials could be resumed soon. Juncker said both sides agreed to "hold off on other tariffs" while talks proceed.

An all-party government would defeat the Tories, not join them
After bowing to pro-Brexit lawmakers in her party on Monday, the prime minister may have opened the door to their growing calls for her to ditch the Chequers plan.

The Associated Press contributed to this article.

"There is no doubt Sergio was a very special man and there is no doubt he will be sorely missed". "Our heartfelt sympathies are with Sergio's family and all at Scuderia Ferrari at this hard time". The bankruptcy of Chrysler gave him the opportunity to create a global auto company with brands including Jeep, Ram, Alfa Romeo, Ferrari and Maserati that he envisioned would grow to 6 million cars a year. In doing so, Elkann followed Marchionne's wishes to appoint Manley his successor, two sources said. Longtime interior designer at FCA, Klaus Busse, tweeted Wednesday that design reviews with Marchionne "weren't easy".

Marchionne resurrected one of Italy's biggest corporate names and revitalized Chrysler, succeeding where the US company's two previous owners - Mercedes parent Daimler and private equity group Carberus - failed.

Marchionne joined Fiat after being tapped by the Agnelli family to save the company. The Wall Street Journal said Marchionne was a "star of the auto industry and his death ends an era for Detroit where he was one of the untouchable CEOs". More recently, it began selling Alfa Romeo cars in the North American market again.

"I don't care what a tough guy he was to work for, he saved our company", said Cass Burch, a Chrysler and Jeep dealer in Georgia.

"We are deeply saddened by the passing of Sergio Marchionne". "I think we all agree Sergio Marchionne will be remembered for his many contributions to the industry".

Related news:

loading...

Hot News

isis-killer-beheading-video-story-top Nearly 250 dead in Daesh attacks on south Syria: New toll
Jul 28, 2018 - 00:58
Islamic State militants also attacked three villages northeast of Sweida city, killing and wounding a number of people, state TV said.

isis-killer-beheading-video-story-top Explained: The longest total lunar eclipse of the 21st century
Jul 27, 2018 - 10:29
East coast viewers will see the blood moon at its fullest at about 5.30am, with the Earth, moon and sun in flawless alignment. The full moon will begin to darken as it enters the Earth's shadow at 7.15pm, with the total eclipse beginning at 9.30pm.

isis-killer-beheading-video-story-top Hazard nominated for The Best FIFA Men’s Player 2018 award
Jul 26, 2018 - 01:35
Zidane, who has since left Madrid, won the Federation Internationale de Football Association award past year . Unsurprisingly, the World Cup in Russian Federation played a big part in this year's shortlist.

isis-killer-beheading-video-story-top Resolution revolution? Sony's new image sensor boasts 48MP
Jul 25, 2018 - 01:03
A 0.8 micron pixel size might seem small and less efficient in capturing the entire light information, especially in low light. More megapixels don't always translate to great-looking photos, but they do result in much more detail being captured.

isis-killer-beheading-video-story-top Xiaomi targets Europe with two cheap Android One phones
Jul 25, 2018 - 00:55
On the front, Xiaomi Mi A2 has a 20-megapixel selfie camera capable of delivering bokeh mode (DSLR-like shallow depth-of-field). The new smartphones are expected to come with multiple options, including 3GB or 4GB RAM, and 32GB or 64GB of inbuilt storage.

isis-killer-beheading-video-story-top Alisson signing too good to pass up for Liverpool - Jurgen Klopp
Jul 24, 2018 - 01:39
When we found there was more of a chance, we had to jump on. But I like him and it's not like that could be the problem. For this, there's still space for development.

isis-killer-beheading-video-story-top Johnny Manziel joins a new team
Jul 24, 2018 - 01:33
The Alouettes can definitely use an answer at the QB position, since they've been through three different ones already. Vernon Adams Jr., Matthew Shiltz and Drew Willy are Montreal's QBs, all of whom have seen action this season.

isis-killer-beheading-video-story-top 6ix9ine hospitalized after reportedly being pistol-whipped, kidnapped and robbed
Jul 23, 2018 - 00:55
Two of the men then entered 6ix9ine's home and robbed him of $750,000 in jewelry and between $15,000 and $20,000 in cash. The rapper known as Tekashi69 says two men forced him from a auto at an intersection and robbed him of jewelry.

isis-killer-beheading-video-story-top Sheriff: 4 missing from boat are presumed dead
Jul 22, 2018 - 01:11
There had been wind gusts of more than 60 miles per hour reported at Branson Airport at the time of the tragic accident. Coleman also said that her husband would have wanted her to speak out about what she said happened before the accident.

isis-killer-beheading-video-story-top Ex-NATO commander: Trump comments 'worst nightmare' for Montenegro
Jul 22, 2018 - 00:58
On Thursday, the country released a statement to let people know that it is the least likely to start a war. "Right. When Trump spoke in Warsaw past year , his speech was repeatedly interrupted by chants of "Donald Trump !"

isis-killer-beheading-video-story-top Putin Proposed Eastern Ukraine Referendum to Trump, Bloomberg Reports
Jul 22, 2018 - 00:42
With Putin at his side, Trump said of American intelligence officials: "They said they think it's Russian Federation ". The idea of allowing a foreign power to quiz US citizens sparked outrage and the US Senate voted 98-0 against it.

isis-killer-beheading-video-story-top Egypt sarcophagus tomb OPENED despite risk of DEADLY black magic curse
Jul 21, 2018 - 00:54
According to The Sun , when you disturb an ancient Egyptian tomb, you risk getting stricken with the "curse of the pharaohs". The granite coffin was opened Thursday, July 19, at the construction site where it was discovered.

isis-killer-beheading-video-story-top Missouri duck boat capsizes killing at least 11 people
Jul 21, 2018 - 00:51
Thursday, CoxHealth reported that Cox Medical Center Branson was treating eight patients, two of them in critical condition. Ride the Ducks provides tours of several USA cities with amphibious vehicles created to operate on both land and water.

isis-killer-beheading-video-story-top Comcast lets Disney win the 21st Century Fox bidding war
Jul 20, 2018 - 03:51
Comcast did not put in a counteroffer until after the Justice Department approved AT&T's $85 billion merger with Time Warner. The Fox sale does not include major assets such as the Fox News Channel, Fox Business Network, and Fox Broadcasting Company.

isis-killer-beheading-video-story-top Amazon Suffers Tech Crash and Strikes During Prime Day
Jul 19, 2018 - 01:11
Deals were to be had on devices ranging from Amazon's own products to offerings from manufacturers like Samsung, Acer, and HP. It seems these roadblocks were too minor to have any material impact on the company's ability to ship out merchandise.