[Chetan_Rao]

Sergio Marchionne has apparently been relieved of his executive positions at Ferrari and FCA due to serious complications arising from recent surgery.

BBC News

Reuters

The long-time chief executive of carmaker Fiat Chrysler, Sergio Marchionne, has been replaced due to ill health.

His health worsened in recent days after he suffered complications from surgery on his right shoulder.

Mr Marchionne, 66, has led the combined company for more than a decade and planned to step down as CEO next year.

He will be replaced by Mike Manley, the head of the Italian-American company's Jeep division.

Mr Marchionne was also chairman and CEO of Ferrari. The sports car maker also announced a replacement, naming Fiat Chrysler chairman John Elkann as his successor.

[CrAzY dRiVeR]

As a person, hope Mr Marchionne recovers his health soon. But as the CEO of FCA - I'm glad he's finally replaced.

Hopefully someone who's more willing to take risks and can make bold plans will take charge of FCA. Given the rising significance of the Jeep brand in the alliance, it's no wonder that the head of the division has taken over the role.

Will Hyundai use this opportunity to strike up a deal as rumoured? Remains to be seen as well.

[ads11]

https://www.theverge.com/2018/7/21/1...ations-ferrari

Yep, the news is breaking on multiple fronts. He was supposed to be retiring soon anyway but I imagine what effect this might have on his plans for the FCA group. Most likely things will continue as planned but I wonder if the new bosses will seek to assert their own mark so soon after a big change like this.

Altogether unsurprising that the Jeep CEO is taking over the reigns of the whole group. Goes to show the significant heft of that brand now, compared to its now lesser siblings.

As mentioned above, I wonder if there is industry precedent for big mergers or takeovers just after a major leadership change.

[volkman10]

FCA's Press release on appointments of its New CEO Mike Manley and Chairman of Ferrari- John Elkan.

Marchionne, 66, had surgery on his right shoulder and needs a short period of convalescence, an FCA spokesman told Italian business website Lettera 43 on July 5. He has not been seen in public since June 26, when he delivered a Jeep Wrangler to the Carabinieri police in Rome.

[GTO]

Not a fan of him as a CEO, but on the personal front, I wish him a speedy recovery. Sucks - he's too young to have serious health complications. In fact, I can't remember any CEO of a big auto company having to forego his responsibilities due to health reasons.

I don't think it will affect FCA much as they would already have started preparing for Sergio's confirmed retirement next year.

Jeep boss taking over FCA says a lot about Jeep's value in the family. It's undeniably the crown jewel of the group.

[volkman10]

Marchionne's condition may be 'irreversible,' is in a state of coma.

Marchionne has been in a coma since Friday afternoon local time and was breathing with the help of a ventilator. Earlier in the week, doctors tried to wean him off the ventilator by reducing sedative medicine but were not successful

Link

[StarrySky]

Originally Posted by volkman10

Marchionne's condition may be 'irreversible,' is in a state of coma.

I feared something like this when I read the FCA statement, which said "As a consequence, Mr.Marchionne will be unable to return to work". It felt as if the company had given up any hope of his recovery, at least in a reasonable amount of time to be able to resume his work. I hope he will be able to recover and lead a normal life again.

[Asifgrkhan]

Originally Posted by CrAzY dRiVeR

As a person, hope Mr Marchionne recovers his health soon. But as the CEO of FCA - I'm glad he's finally replaced.

Hopefully someone who's more willing to take risks and can make bold plans will take charge of FCA. Given the rising significance of the Jeep brand in the alliance, it's no wonder that the head of the division has taken over the role.

Will Hyundai use this opportunity to strike up a deal as rumoured? Remains to be seen as well.

Sergio Marchionne was a finance person and is single handedly responsible for saving Fiat and Chrysler from extinction because of cost cutting. He is revered as one of the titans in the current automotive world. His takeover of Chrysler saved both brands and the current rejuvenation of Alfa Romeo and Maserati is all him.

Mike Manley was his chosen successor and would have taken over in January anyway. Jeep is arguably the most valuable automotive brand today and his takeover will probably suppress FCA sale talks.

Anyway, thoughts and prayers to Sergio's family. From the announcement, it looks like a major stroke or sepsis leading to organ failure as a result of his shoulder surgery. Hope he makes it out of this in one piece.

[The Rationalist]

Sergio was suffering from lung cancer and needed a complex surgery which ended up in complications. He definitely was a great CEO, not many have turned around automotive companies. As a Critical care physician, I know he isn’t going to make it. Life is so precarious, reminds us to be appreciative of the small joys daily.

[cbatrody]

How Fiat Chrysler told employees Sergio Marchionne was being replaced:


https://www.cnbc.com/2018/07/22/how-...-replaced.html


Below is the full text of the communication Elkann sent to staffers, obtained by CNBC:

Dear Colleagues,

This is without a doubt the most difficult letter I’ve ever had to write.

It is with great sadness that I have to tell you that our CEO Sergio Marchionne, who recently underwent surgery, unfortunately experienced complications that have worsened in recent hours and will prevent his return to FCA.

For the last 14 years, first at Fiat, then at Chrysler, and finally at FCA, Sergio has been the best CEO that anyone could ask for and, to me personally, a true mentor, partner and close friend.


We met at one of the darkest moments for our company and it was his intellect, perseverance and leadership that saved Fiat. He also achieved a remarkable turnaround at Chrysler and, through his courage in forging the cultural integration of the two companies, he established the foundations for a more secure and brighter future for us to take forward. For what Sergio has been able to accomplish, turning the impossible into the possible, we will be forever grateful.

But as he himself has said more than once, “The true value of a leader is not measured by what he has gained during his career but rather by what he has given. It is not what you accomplish today, but the legacy you will leave behind.”

Since the first evening we spent together, when we talked about the possibility of him taking the helm at Fiat, what really stood out to me, beyond his exceptional and extraordinary professional ability, were his human qualities. I saw these qualities in his eyes, in his demeanor, in the way he dealt with those around him.

He taught us to have the courage to challenge the status quo, to break with convention and go beyond the tried and tested. He has always pushed everybody to learn, to grow and to excel – often beyond their own limits – starting always with himself. The legacy he leaves with us speaks to what really mattered to him: the pursuit of excellence, the idea that there is always a better way.

His lessons, his impulse never to accept the status quo, never to be satisfied with good enough have become a core part of our culture within FCA: continually setting high standards and never settling for mediocrity.

Sergio’s definition of a leader is truer today than ever. What really matters is the kind of culture he leaves behind. The best way to judge a leader is by what the organization does after him.

This is yet another example of the true, rare kind of leader Sergio was.

We started years ago working on a succession plan that would ensure continuity and preserve the unique culture embedded in FCA.

With that plan already established, we are now moving ahead with the process and today the Board of Directors has named Mike Manley as the new CEO of FCA.

Mike has been one of the major contributors to FCA’s success and he has a remarkable track record of accomplishments.

Under his leadership, the Jeep brand has gone through a profound transformation and an unprecedented period of development, from a few hundred thousand units a year to several years of record sales, passing the million-vehicle mark in each of the past four years, becoming not only one of the fastest growing brands in the world but also the most profitable in the company.

Mike has held roles of increasing responsibility over the years, accumulating extensive leadership experience across all of our operating regions globally, achieving remarkable results in every position and always demonstrating determination in achieving his vision.

I am sure you will all provide your full support to Mike, so that we can work with him and the leadership team to execute our 2018-22 business plan with the same commitment and integrity that have already carried us so far.

Source:
https://www.cnbc.com/2018/07/22/how-...-replaced.html

[CrAzY dRiVeR]

Originally Posted by Asifgrkhan

Sergio Marchionne was a finance person and is single handedly responsible for saving Fiat and Chrysler from extinction because of cost cutting.

No doubts on that. However, the companies also looked rather directionless under him, considering the long term. Delayed model updates, discontinuation of many model lines over time without updates, even brands lost their identity under him.

Cost cutting is very good for the short term - however - companies need more than that to survive for longer. Despite having similar figures in the balance sheet as Hyundai, FCA is nowhere close as established for the future now.

Their recent presentation of the companies future plans also revealed the same - the only saving grace is Jeep. Every other brand in the alliance is staring blank at an uncertain future - and without Jeep, they would probably have become part of any Chinese alliance by now.

[anachronix]

My prayers for Sergio!

One of the most successful CEO in recent times, a very aggressive one at that too.

[libranof1987]

Sergio has passed away.

Sergio Marchionne, the former chief executive officer of Fiat Chrysler and architect of the automaker’s dramatic turnaround, has died. He was 66.

His death was confirmed Wednesday by Exor NV, the holding company of Fiat’s founding Agnelli family, just days after Marchionne was replaced as CEO. His health had declined suddenly following complications from shoulder surgery

https://www.bloomberg.com/news/artic...ler-dead-at-66

http://autoweek.com/article/car-news...cancer-surgery

[reignofchaos]

RIP Sergio Marchionne!

[vinodvayyat]

RIP Sergio. The man who transformed FIAT's business.