FCA Ex-CEO Sergio Marchionne passes away

Former Fiat Chrysler Automobiles (FCA) CEO Sergio Marchionne has died at the age of 66. He was recovering from a shoulder operation in a Zurich hospital when complications arose.

Earlier this week, Marchionne was replaced as FCA CEO due to bad health post his surgery. A statement by Exor NV, the holding company controlled by the Agnelli family, confirmed this news.

Marchionne served the company for 14 years and is credited with bringing out Chrysler from the 2009 bankruptcy and increasing the market value of the group (Fiat, Chrysler and Ferrari) to US $71.5 billion. He was scheduled to retire in 2019.