FCA CEO SERGIO MARCHIONNE DIES

EXOR announcement

July 25, 2018 , Amsterdam – It is with the deepest sadness of the passing of Sergio Marchionne.

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 honor 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.”

 

Statement from John Elkann, Chairman of Exor

July 21, 2018 , London – With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.

As a consequence, Mr. Marchionne will be unable to return to work.

The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.

The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.

In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.

Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA’s strong and independent future.

 

Sergio Marchionne

Fiat Chrysler Automobiles N.V. (FCA) Chief Executive Officer Sergio Marchionne at the New York Stock Exchange following the seventh-largest automaker’s trading debut on Wall Street.

Sergio Marchionne ( June 17, 1952 – July 25, 2018) was an Italian-Canadian businessman who was the chairman of CNH Industrial, the chief executive officer (CEO) of Fiat Chrysler Automobiles, the chairman and CEO of FCA US LLC, the chairman and CEO of Ferrari, and the chairman of Maserati. He was the chairman of Swiss-based SGS and vice chairman of UBS from 2008 to 2010, as well as the chairman of the European Automobile Manufacturers Association for 2012 (first elected in January 2006). He was a member of the Peterson Institute for International Economics, and the chairman of the Italian branch of the Council for the United States and Italy.

Noted for his keen observations of the automotive industry, Marchionne’s insights ranged from frank criticism of his company’s own products to a highly-regarded 2015 presentation titled Confessions of a Capital Junkie, extolling the benefits of industry consolidation. Marchionne was widely recognized for turning around Fiat Group to become one of the fastest growing companies in the auto industry, in less than two years. In 2009, he was instrumental in Fiat Group forming a strategic alliance with the ailing US automaker Chrysler, with the support of the U.S. and Canadian governments and trade unions. Less than two years later, following its emergence from Chapter 11, Chrysler returned to profitability, repaying all government loans. In 2014, Fiat and Chrysler merged into a new holding company, Fiat Chrysler Automobiles, now the seventh-largest automobile manufacturer in the world.

Following complications from surgery, Marchionne resigned from all of his positions in July 2018 and died, July 25, 2018 (aged 66) in Zurich, Switzerland.

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