Posted on 07/22/2018 8:46:30 AM PDT by jjotto
Sergio Marchionne, longtime CEO and chief for Fiat Chrysler Automobiles, stepped down Saturday due to serious complications after surgery, the company announced. Mike Manley, head of Jeep and Ram brands, replaced him.
John Elkann, grandson of Gianni Agnelli and chairman of the company that controls FCA, said his family was shocked by Marchionne's failing health.
"I am profoundly saddened to learn of Sergio’s state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice," Elkann said in a statement.
Elkann will fill Marchionne's chairman role at Ferrari while the Italian firm is expected to name Louis C. Camilleri as the replacement for Machionne's CEO role.
Marchionne, who is 66 years old, recently underwent surgery on his right shoulder and was expected to miss the company's second-quarter sales call due to the procedure. It's unclear if his sudden departure is related to the surgery or complications after the surgery. The Wall Street Journal report Satuday that Marchionne had been absent from day-to-day activities at FCA for weeks.
Marchionne was expected to step down from his role as CEO next year, although it was unclear who would lead the company after his exit.
Manley joined the automaker in 2000 and has led Jeep for nearly a decade. His roles have included head of sales in Asia, head of Ram brand, and chief operating officer for North America.
Marchionne helped navigate FCA through bankruptcy during his 14-year tenure and turn the company's finances back from the brink of collapse. As CEO, Marchionne has led FCA through multiple plans for profitability, which the automaker has largely delivered on, and spun off Ferrari as a successful standalone business unit. Marchionne also served as CEO for Ferrari.
Last month, FCA paid off its net industrial debt, which was part of a larger plan to spend billions on new cars and technologies by 2022.
Marchionne's tenure also has been controversial at times. He openly courted partners such as General Motors and other automakers, and said consolidation was the only way that the auto industry could survive. His efforts to revive Alfa Romeo and Maserati as luxury brands in the U.S. have largely stalled, and the plainspoken CEO has also questioned whether electrification and self-driving cars could be profitable.
I always loved his music especially the Good, the Bad and the Ugly.
Love my 4C Spider, most fun car to drive I’ve owned.
I’m seriously considering a Stelvio, despite FCA. I really like Alfas.
[The generally poor quality of all FCA vehicles is evidence.]
” The generally poor quality of all FCA vehicles is evidence. “
I have driven a lot of Jeeps and Rams and really don’t see a poor quality problem. It does look like Chrysler is gone. Too bad, the 300 is actually a nice car. Because of the tyrannic CAFE standards it has become almost impossible to build a full size sedan and make a profit which is why Ford is going stop trying.
Despite BMWs claim as the “Ultimate Driving Machine”,( and I’ve had more BMWs than any other brand) nothing drives like an Alfa, including the Stelvio.
I love the new Jeep Grand Cherokees and the 4 door Jeeps. They are both some nice vehicles to drive.
Ditto the Dodge Durangos and RAM pick ups too.
[I always loved his music especially the Good, the Bad and the Ugly.]
[I have driven a lot of Jeeps and Rams and really don’t see a poor quality problem.]
“...serious complications after surgery...”
BS.
They found something really bad inside Marchionne and he’s on “borrowed time”.
Pick ups and Jeeps earn money for Chrysler. Their cars are dogs.
I remember Fiat back in the 60’s and 70’s. The 128 and X19 would crap out in a 20 degree day...
YES!
http://www.freerepublic.com/focus/f-chat/3672904/posts
In a statement Saturday, he said, “I am profoundly saddened to learn of Sergio’s state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice.
..At his side, the reports said, were his two sons and his partner of several years, Manuela Battezzato, who works in FCA communications.
Probably.
When I first heard he was leaving for ‘health reasons’ I thought that might be a cover story for firing him. A closer look indicates he’s probably been diagnosed with something serious enough to make his recovery very long if not unlikely.
Usually if they announce that somebody isn’t coming back for health reasons, it means the end is near.
Haha!
Prob...metastatic prostate ca...maybe the shoulder surg was a cover story? He might have stroked during surgery or developed sepsis...or clot to the heart...many bad things can happen in surgery...
“I always loved his music especially the Good, the Bad and the Ugly.”
Exactly where I was going!
We have 2 newish Jeeps in the family - Grand Cherokee and a Renegade.
Both have zero issues in the first 2 years. Nada.
I was seriously skeptical about the Renegade, being made in Italy. But, it's a very nice little rig! Very capable, comfortable and quiet.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.