Former Fiat Chrysler CEO Sergio Marchionne dies aged 66
The former chief executive of Fiat Chrysler, Sergio Marchionne - credited with turning around the company's fortunes when he took on the job in 2004 - has died at the age of 66.
Fiat Chrysler Automobiles
€12.57
16:25 23/03/23
Exor NV, the holding company of Fiat's founding Agnelli family confirmed the news on Wednesday, just days after Marchionne was replaced as CEO by Mike Manley, head of the Jeep and Ram truck divisions, after Marchionne suffered complications while recovering from surgery.
Chairman John Elkann said: "Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone. I believe that the best way to honour 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.
"My family and I will be forever grateful for what he has done. Our thoughts are with Manuela, and his sons Alessio and Tyler. I would ask again everyone to respect the privacy of Sergio’s family."
Shares in the company slumped on Monday as it emerged that Marchionne would not be returning to work.
Shares fell again on Wednesday as the group released its second-quarter results, which showed net profit fell 35% to €754m amid a poor performance in China.
In addition, Fiat downgraded its full-year earnings target to between €7.5bn and €8bn from previous guidance of €8.7bn and cut its full-year guidance for net revenues to between €115bn and €118bn from €125bn.
At 1500 BST, the shares were down 11.4% to €14.67.