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Sergio Marchionne, CEO Who Saved Fiat and Chrysler, Dies at Age 66

Updated On 26 Jul, 2018 Published On

Sergio Marchionne, an accountant turned CEO who engineered two long-shot corporate turnarounds in order to save carmakers Fiat and Chrysler, has died at the age of 66.

Sergio's death was confirmed by Exor NV, the holding company of founding Agnelli family, which founded Fiat.

The company says Sergio passed away on Wednesday, July 25 at a hospital in Zurich, Switzerland, just days after he had been replaced as CEO.

CAPTION: Sergio Marchionne, CEO Who Saved Fiat and Chrysler, Dies at Age 66 SOURCE: Ars Technica

According to people familiar with the situation, Sergio's health had declined suddenly following complications from shoulder surgery.

John Elkann, who is the chairman of FCA (he is also the chairman of Exor NV), said in a statement, "Sergio Marchionne, man and friend, is gone. My family and I will be forever grateful for what he has done."

John was also the one who confirmed the disheartening passing of Sergion.

He said, “Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is  gone."

John continued,

I believe that the best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion.

In late June, Sergio, who was scheduled to retire in April 2019, was hospitalized for shoulder surgery. According to Italian newspaper La Stampa, he had confirmed appointments in early July.

Sergio's last public appearance was in Rome on June 26 when he went for a Jeep presentation to the Italian Carabinieri; it's a military police force in which his father was once an officer.

Observers said that at the time, he was looking haggard.

Rest In Peace Sergio!