Sergio Marchionne Currently in a Coma With Irreversible Brain Damage

Sergio Marchionne who saved Fiat and Chrysler dead at 66

Sergio Marchionne who saved Fiat and Chrysler dead at 66

Sergio Marchionne, the former chief executive officer at Fiat Chrysler, has passed away at age 66.

Marchionne had entered hospital for a shoulder operation, but after surgery his condition deteriorated rapidly, with reports suggesting that an embolism had led to a coma.

"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone", John Elkann, the great-great grandson of Fiat founder Giovanni Agnelli and the chairman of EXOR, the investment firm that controls FCA, said in a statement.

His death is believed to have resulted from complications of recent right shoulder surgery he underwent.

By this year, Mr Marchionne had managed to wipe out the group's near-$13bn (£10bn) debt pile, something he described as a "healing" process for two companies that for so long were associated with failure.

Sergio Marchionne's death Wednesday left a hole in the automotive industry that may last for decades.

Marchionne built the dysfunctional companies into the world's seventh-largest automaker nearly by personal force of will, living on a corporate jet crossing the Atlantic to push employees to accomplish what most people thought was impossible amid a devastating global recession.

Sacha Baron Cohen Prank Forces Georgia State Rep. Jason Spencer to Resign
He lost the Republican primary, meaning he'd be out of office in November anyway - so this is merely accelerating his departure. Ralson earlier called for Spencer to do so, back when he was futilely claiming that he was going to stick it out.

The former CEO was pivotal in spearheading the turnaround of Chrysler at the turn of this century, says Bloomberg.

Mr Elkann praised Mr Marchionne's "values of humanity, responsibility and open-mindedness".

The colourful and charismatic Marchionne became chairman of Ferrari in September 2014, replacing Luca di Montezemolo. Marchionne brought it back to profitability in just one year, recording income of almost 1.5 billion euros in 2005. He was due to step down at FCA in April next year.

He has yet to be confirmed by FCA's shareholders, but in order to keep the company running, FCA's board of directors granted Manley all the powers of CEO effective immediately.

"We are deeply saddened by the passing of Sergio Marchionne".

Born in Italy in 1952, he moved with his family to Canada when he was 13, completing his education there. "When you're pissed off, there's nothing better than this", he said, stomping on the accelerator of his black Enzo at the company's test track in 2014 and pushing the auto from a comfortable 120 miles per hour to something over 200.

Manley, who was born in the United Kingdom, is the first Fiat CEO not born in Italy.

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