Fiat Chrysler profits sink in last quarter under Marchionne

Sergio Marchionne

Former Fiat Chrysler Automobiles CEO and Ferrari Chairman and CEO Sergio Marchionne has succumbed to the complications that arose following recent shoulder surgery at a hospital in Zurich, Switzerland.

Marchionne, who was Italian and Canadian, had revived Fiat by 2009 when he was picked by the US government to save USA -based Chrysler from its trip through bankruptcy protection after being owned by a private equity company.

Fiat pushed that change on Chrysler - and everyone benefited, he said.

Marchionne, who described himself as a corporate fixer, was Fiat's fifth CEO in less than two years when he took over. He really was a unique human being.

"My family and I will be forever grateful for what he has done".

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. "He will be remembered as an icon of the industry and will be missed by many who considered him a friend".

Our thoughts and prayers are with Marchionne's family during these troubled times.

MI governor Rick Snyder called Marchionne an "outstanding businessman, leader and a friend to all of us in Michigan" in a statement, and added he has fond memories of meeting Marchionne many times, both in MI and overseas. Sergio achieved a colossal amount for the automotive industry and motorsport worldwide. That saved Chrysler from liquidation and since then it has become the profit-leader in Fiat Chrysler Automobiles.

GM CFO Chuck Stevens: "We're all saddened by the news this morning on Sergio Marchionne's passing".

"We had our differences. but together we challenged the lazy little Italy that prefers to close factories rather than roll up their sleeves", said Marco Bentivoglio, general secretary of the CISL union's metalworkers branch, on hearing about Marchionne's illness.

Marchionne has done what many thought impossible, most notably his huge gamble just over a decade ago when he set in motion the marriage between the then-ailing Fiat with bankrupt U.S. rival Chrysler.

Red Bull tweeted: "Condolences to the family and friends of Sergio Marchionne. I salute the memory of a great captain of industry who will remain an example for us all".

"A thought for the family of Sergio Marchionne and best wishes to those who will have the honour and the duty of taking his place", Salvini said, referring to new CEO Manley, the former Jeep chief.

Overall, Fiat Chrysler reported a 6 per cent increase in shipments to 1.3 million, boosting revenue by 4 per cent to €29bn.

Manley said: "This is a very sad and hard time". Whether it was popular or not or whether there was consensus in the company or not, he would pursue that. At the time, the company had been on the brink of bankruptcy.

This year also saw the Alfa Romeo brand return to F1 as part of Marchionne's vision to get the Italian manufacturer even greater global exposure and drive profits for FCA.

"If he did not like what he saw he made sure you knew.When he liked it, it came with a cliffhanger 'what the f.is this? - it looks amazing!'" Busse wrote.

Marchionne joined Fiat after being tapped by the Agnelli family to save the company.

Ferrari was floated on the New York Stock Exchange in 2015, under the RACE ticker.

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