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| Fiat Chrysler mourns Sergio Marchionne after 'heartbreaking' death, aged 66 – business live | |
| (35 minutes later) | |
| The New York stock exchange have tweeted a nice picture of Silvio Marchionne on the day he floated Ferrari, a key milestone during his time at FCA. | |
| We mourn the passing of auto industry legend Sergio Marchionne. He helped multiple companies (Fiat Chrysler, Ferrari, CNH Industrial) tap the public markets, creating thousands of jobs across the globe. Here he is pictured in 2015, the day he took Ferrari public. #RIPSergio pic.twitter.com/r5KA2QcsH0 | |
| Here are a few more photos from the archive: | |
| Fiat Chrysler Automobile’s new CEO, Mike Manley, has paid tribute to his predecessor, as he presents the car maker’s new financial results to analysts. | |
| Manley says FCA learned this morning that Sergio Marchionne had passed away. | |
| Clearly this is a very sad and difficult time. Our thoughts and prayers go out to his family, friends and colleagues. | |
| Manley explains that he worked with Marchionne for many years, so his death is heartbreaking on a personal level. | |
| There is no doubt that Sergio was a very special, unique man, and no doubt he will be sorely missed. | |
| Manley thanks the analysts for their warm messages and comments since Marchionne’s surgery last week, and then held a minute’s silence. | |
| He then confirms that FCA has cut its guidance for this year, following a tougher time in China: | |
| Another top automobile boss, Mary Barra of General Motors, says Marchionne created a “remarkable legacy”. | Another top automobile boss, Mary Barra of General Motors, says Marchionne created a “remarkable legacy”. |
| We at General Motors offer our condolences to Sergio Marchionne’s family and friends. Sergio created a remarkable legacy in the automotive industry. Our thoughts are also with our industry colleagues at Fiat Chrysler as they deal with this sudden loss. | We at General Motors offer our condolences to Sergio Marchionne’s family and friends. Sergio created a remarkable legacy in the automotive industry. Our thoughts are also with our industry colleagues at Fiat Chrysler as they deal with this sudden loss. |
| Fiat Chrysler’s results show the challenging facing Sergio Marchionne’s successor, Mike Manley. | Fiat Chrysler’s results show the challenging facing Sergio Marchionne’s successor, Mike Manley. |
| FCA, whose brands include Jeep, Ram, Alfa Romeo, Dodge and Maserati, is aiming to double its profits over the next four years - and also make a bigger splash in the electric car sector. Today’s downgraded forecasts mean that will be a little bit harder. | FCA, whose brands include Jeep, Ram, Alfa Romeo, Dodge and Maserati, is aiming to double its profits over the next four years - and also make a bigger splash in the electric car sector. Today’s downgraded forecasts mean that will be a little bit harder. |
| Manley, who took over last weekend after Marchionne’s surgery, will present the results to analysts shortly. | Manley, who took over last weekend after Marchionne’s surgery, will present the results to analysts shortly. |
| Newsflash: Fiat Chrysler shares have just tumbled, after the carmaker released its latest financial results to the markets. | Newsflash: Fiat Chrysler shares have just tumbled, after the carmaker released its latest financial results to the markets. |
| The company has reported that earnings shrank by 35% in the second quarter of 2018 (which turned out to be Sergio Marchionne’s final period in charge). Net profits fell to €754m, down from €1.155bn a year earlier. | The company has reported that earnings shrank by 35% in the second quarter of 2018 (which turned out to be Sergio Marchionne’s final period in charge). Net profits fell to €754m, down from €1.155bn a year earlier. |
| The company says that sales in China fell, partly due to increased competition from domestic brands. | The company says that sales in China fell, partly due to increased competition from domestic brands. |
| Fiat-Chrysler has also cut its forecasts for 2018. It now expects net revenues of between €115bn and €118bn, down from €125bn previously. | Fiat-Chrysler has also cut its forecasts for 2018. It now expects net revenues of between €115bn and €118bn, down from €125bn previously. |
| It has also slashed its profit forecasts, predicting adjusted EBIT of between €7.5bn and €8.0bn, down from €8.7bn. | It has also slashed its profit forecasts, predicting adjusted EBIT of between €7.5bn and €8.0bn, down from €8.7bn. |
| This has alarmed investors; Fiat Chrysler shares have slumped by 10%: | This has alarmed investors; Fiat Chrysler shares have slumped by 10%: |
| (The company was scheduled to release its results today, so this isn’t related to Sergio Marchionne’s sad death). | (The company was scheduled to release its results today, so this isn’t related to Sergio Marchionne’s sad death). |
| ActivTrades analyst Carlo Alberto De Casa says Marchionne turned an “almost bankrupt Fiat” into an international powerhouse. | ActivTrades analyst Carlo Alberto De Casa says Marchionne turned an “almost bankrupt Fiat” into an international powerhouse. |
| His heritage could be described in just a few numbers: in 2004 when Marchionne took over, Fiat’s revenue was close to €47bn, today it exceeds €140bn. The company profit almost trebled in the same period. | His heritage could be described in just a few numbers: in 2004 when Marchionne took over, Fiat’s revenue was close to €47bn, today it exceeds €140bn. The company profit almost trebled in the same period. |
| Loved or hated Marchionne is the man who made FCA as we know it today: more successful and a little less Italian. | Loved or hated Marchionne is the man who made FCA as we know it today: more successful and a little less Italian. |
| It is still difficult to imagine FCA and Ferrari without the man and his unique style. He wore a sweater rather than the traditional suite and a tie as his everyday business attire and with is unconventional leadership style he managed to turnaround one of Italy’s biggest – and often most troubled - industrial realities. | It is still difficult to imagine FCA and Ferrari without the man and his unique style. He wore a sweater rather than the traditional suite and a tie as his everyday business attire and with is unconventional leadership style he managed to turnaround one of Italy’s biggest – and often most troubled - industrial realities. |
| The FT’s Henry Foy points out just how much value Sergio Marchionne created at Fiat Chrysler: | The FT’s Henry Foy points out just how much value Sergio Marchionne created at Fiat Chrysler: |
| Marchionne was hired to fix Fiat in 2004 when the Italian carmaker was worth $7.5bn. Today he died, with Fiat, Chrysler and Ferrari worth roughly 10 times that. He was the smartest man I ever interviewed, and the car industry will never replace him | Marchionne was hired to fix Fiat in 2004 when the Italian carmaker was worth $7.5bn. Today he died, with Fiat, Chrysler and Ferrari worth roughly 10 times that. He was the smartest man I ever interviewed, and the car industry will never replace him |
| Back in January, Morgan Stanley analyst Adam Jonas made the same point to Marchionne on a conference call: | Back in January, Morgan Stanley analyst Adam Jonas made the same point to Marchionne on a conference call: |
| “We hadn’t seen anything like you. | “We hadn’t seen anything like you. |
| You took $2 billion, roughly, and you’ve turned it into around $72 billion, and more important than that, there are many hundreds of thousands of families across many nations that are better off because of you and your team and you beat the sceptics every step of the way. | You took $2 billion, roughly, and you’ve turned it into around $72 billion, and more important than that, there are many hundreds of thousands of families across many nations that are better off because of you and your team and you beat the sceptics every step of the way. |
| So, I just had to say god bless you, Sergio. | So, I just had to say god bless you, Sergio. |
| Chrysler workers should be grateful that Marchionne took the risk of helping the stricken auto company out of bankruptcy protection in 2009, says Autotrader.com analyst Michelle Krebs: | Chrysler workers should be grateful that Marchionne took the risk of helping the stricken auto company out of bankruptcy protection in 2009, says Autotrader.com analyst Michelle Krebs: |
| It’s highly unlikely that Chrysler would exist today had he not taken that gamble. The company was in such bad shape, being stripped of any kind of resources by the previous owners.” | It’s highly unlikely that Chrysler would exist today had he not taken that gamble. The company was in such bad shape, being stripped of any kind of resources by the previous owners.” |
| Anand Mahindra, chairman of Mahindra Group (the Indian conglomerate), has tweeted his admiration for Sergio Marchionne: | Anand Mahindra, chairman of Mahindra Group (the Indian conglomerate), has tweeted his admiration for Sergio Marchionne: |
| I convey my condolences to the family of Sergio Marchionne and to the entire FCA extended family..I met Sergio only once but it was clear in an instant that he was a giant among men. @fcagroup | I convey my condolences to the family of Sergio Marchionne and to the entire FCA extended family..I met Sergio only once but it was clear in an instant that he was a giant among men. @fcagroup |
| There’s a lot of affection for Sergio Marchionne on social media, including from fans of Ferrari (which he chaired until last weekend). | There’s a lot of affection for Sergio Marchionne on social media, including from fans of Ferrari (which he chaired until last weekend). |
| RIP Mr Marchionne. You revived an ailing Ferrari | RIP Mr Marchionne. You revived an ailing Ferrari |
| Extremely saddened by the news. He saved both FIAT & Chrysler.Hope Ferrari wins the title and dedicates it to him.#Marchionne #Fiat #Ferrari #Chrysler #F1 pic.twitter.com/H5ggbsi5EC | Extremely saddened by the news. He saved both FIAT & Chrysler.Hope Ferrari wins the title and dedicates it to him.#Marchionne #Fiat #Ferrari #Chrysler #F1 pic.twitter.com/H5ggbsi5EC |
| So sad to hear the news about Sergio Marchionne. He was without doubt one of the most inspirational greats F1 has seen and achieved things in the motor industry that no one thought possible. | So sad to hear the news about Sergio Marchionne. He was without doubt one of the most inspirational greats F1 has seen and achieved things in the motor industry that no one thought possible. |
| Shocked and saddened by the death of @fiat CEO #Marchionne. An Italian lawyer who has worked with him regularly told me he worked “miracles” in saving two very different but equally poor companies at once. #business #law #cars #FIAT #Italy | Shocked and saddened by the death of @fiat CEO #Marchionne. An Italian lawyer who has worked with him regularly told me he worked “miracles” in saving two very different but equally poor companies at once. #business #law #cars #FIAT #Italy |
| Rest In Peace, Sergio Marchione.Sergio was an innovator who revolutionised the automotive industry. He will be missed. pic.twitter.com/mCl5KaCv53 | Rest In Peace, Sergio Marchione.Sergio was an innovator who revolutionised the automotive industry. He will be missed. pic.twitter.com/mCl5KaCv53 |
| Associated Press have dubbed Sergio Marchionne a “charismatic and demanding leader”. | Associated Press have dubbed Sergio Marchionne a “charismatic and demanding leader”. |
| The manager, known for his folksy, colourful turns of phrase and for his dark cashmere sweaters no matter the occasion, was the darling of the automotive analyst community. | The manager, known for his folksy, colourful turns of phrase and for his dark cashmere sweaters no matter the occasion, was the darling of the automotive analyst community. |
| Even when expressing doubts at his audacious targets, they expressed admiration for his adept deal-making. That included getting GM to pay $2 billion to sever ties with Fiat, key to relaunching the long-struggling Italian carmaker, and the deal with the U.S. government to take Chrysler without a penny down in exchange for Fiat’s small-car technology. | Even when expressing doubts at his audacious targets, they expressed admiration for his adept deal-making. That included getting GM to pay $2 billion to sever ties with Fiat, key to relaunching the long-struggling Italian carmaker, and the deal with the U.S. government to take Chrysler without a penny down in exchange for Fiat’s small-car technology. |
| Marchionne joined Fiat after being tapped by the Agnelli family to save the company. Fiat had for generations been a family-run enterprise, and having someone at the helm from outside Italy’s clubby management circles even a dynamo like Marchionne was an enormous change. | Marchionne joined Fiat after being tapped by the Agnelli family to save the company. Fiat had for generations been a family-run enterprise, and having someone at the helm from outside Italy’s clubby management circles even a dynamo like Marchionne was an enormous change. |
| Other key corporate moves included the spinoff of the heavy industrial vehicle and truck maker CNH and of the Ferrari supercar maker. Both deals unlocked considerable shareholder value for Agnelli family heirs led by John Elkann. Elkann came into his own under Marchionne’s stewardship, taking over as chairman in 2010 having been tapped more than a decade earlier by his grandfather, the late Gianni Agnelli, to run the family business. | Other key corporate moves included the spinoff of the heavy industrial vehicle and truck maker CNH and of the Ferrari supercar maker. Both deals unlocked considerable shareholder value for Agnelli family heirs led by John Elkann. Elkann came into his own under Marchionne’s stewardship, taking over as chairman in 2010 having been tapped more than a decade earlier by his grandfather, the late Gianni Agnelli, to run the family business. |
| Fiat Chrysler’s chairman, John Elkann, has told staff to build on Sergio Marchionne’s legacy, saying: | Fiat Chrysler’s chairman, John Elkann, has told staff to build on Sergio Marchionne’s legacy, saying: |
| “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.” | “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.” |
| Marchionne was one of the boldest business leaders of his generation, says the Financial Times. | Marchionne was one of the boldest business leaders of his generation, says the Financial Times. |
| Here’s a flavour of the FT’s obituary, just published: | Here’s a flavour of the FT’s obituary, just published: |
| The 66-year-old, who died from complications following surgery, was a consummate dealmaker, known for his nonstop work habit and razor sharp mind. | The 66-year-old, who died from complications following surgery, was a consummate dealmaker, known for his nonstop work habit and razor sharp mind. |
| A poker player, his entourage told of sleepless transatlantic flights where their chain-smoking boss always wanted to play — and win — another hand of cards. | A poker player, his entourage told of sleepless transatlantic flights where their chain-smoking boss always wanted to play — and win — another hand of cards. |
| The same passion defined his improbable rescue of Fiat via an audacious merger with Chrysler that saved both companies and created the world’s seventh largest car group. | The same passion defined his improbable rescue of Fiat via an audacious merger with Chrysler that saved both companies and created the world’s seventh largest car group. |
| He persuaded General Motors to pay $2bn to escape its alliance with a near bankrupt Fiat in 2005 before swooping on a distressed Chrysler in 2009 and executing a full takeover of the group in 2014. | He persuaded General Motors to pay $2bn to escape its alliance with a near bankrupt Fiat in 2005 before swooping on a distressed Chrysler in 2009 and executing a full takeover of the group in 2014. |
| The FT also points out that Marchionne enraged Italy’s unions by slashing costs, and jobs, as he pushed to return Fiat to profitability: | The FT also points out that Marchionne enraged Italy’s unions by slashing costs, and jobs, as he pushed to return Fiat to profitability: |
| He was demonised by Beppe Grillo, founder of the anti-establishment Five Star Movement for his closure of plants and job cuts. At one political rally in Milan, Grillo led the crowd in a chant: “F**k you, Marchionne”. | He was demonised by Beppe Grillo, founder of the anti-establishment Five Star Movement for his closure of plants and job cuts. At one political rally in Milan, Grillo led the crowd in a chant: “F**k you, Marchionne”. |
| In private, Marchionne was acutely aware of the ravages that globalisation had on those left behind. | In private, Marchionne was acutely aware of the ravages that globalisation had on those left behind. |
| Sergio Marchionne deserves great credit for his work rescuing Fiat since becoming its CEO 14 years ago, says Bloomberg: | Sergio Marchionne deserves great credit for his work rescuing Fiat since becoming its CEO 14 years ago, says Bloomberg: |
| Marchionne was handed an automaker that lost more than €6bn ($7bn) in 2003. By 2005, he had returned the company to a profit by wringing some $2 billion from an alliance with General Motors Co., laying off thousands of workers, introducing new models, and slashing the time it took to get a new car to market to just 18 months, from four years. | Marchionne was handed an automaker that lost more than €6bn ($7bn) in 2003. By 2005, he had returned the company to a profit by wringing some $2 billion from an alliance with General Motors Co., laying off thousands of workers, introducing new models, and slashing the time it took to get a new car to market to just 18 months, from four years. |
| In 2009, U.S. President Barack Obama’s administration announced that Fiat would take control of Chrysler LLC, rescuing the American company from bankruptcy. | In 2009, U.S. President Barack Obama’s administration announced that Fiat would take control of Chrysler LLC, rescuing the American company from bankruptcy. |
| “I don’t care what a tough guy he was to work for, he saved our company,” said Cass Burch, a Chrysler and Jeep dealer in Georgia. “He deserves a bronze statue.” | “I don’t care what a tough guy he was to work for, he saved our company,” said Cass Burch, a Chrysler and Jeep dealer in Georgia. “He deserves a bronze statue.” |
| Newsflash: Sergio Marchionne, one of the titans of the global car industry, has died. | Newsflash: Sergio Marchionne, one of the titans of the global car industry, has died. |
| This very sad news comes just four days after Marchionne, aged 66, suddenly resigned from Fiat Chrysler, the company he had run for 14 years, last weekend. | This very sad news comes just four days after Marchionne, aged 66, suddenly resigned from Fiat Chrysler, the company he had run for 14 years, last weekend. |
| He reportedly suffered an embolism while undergoing shoulder surgery. | He reportedly suffered an embolism while undergoing shoulder surgery. |
| FCA Chairman John Elkann said in a statement: | FCA Chairman John Elkann said in a statement: |
| “Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone. | “Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone. |
| During a highly successful career, Marchionne turned Fiat around - including a merger with America’s Chrysler following the financial crisis. He was known as a passionate workaholic who turned two struggling carmakers into the world’s seventh largest automaker, through relentless negotiating and cost-cutting. | During a highly successful career, Marchionne turned Fiat around - including a merger with America’s Chrysler following the financial crisis. He was known as a passionate workaholic who turned two struggling carmakers into the world’s seventh largest automaker, through relentless negotiating and cost-cutting. |
| As Bernstein analyst Max Warburton put it earlier this year. | As Bernstein analyst Max Warburton put it earlier this year. |
| “Sergio Marchionne’s time as CEO of Fiat is already the stuff of legend.” | “Sergio Marchionne’s time as CEO of Fiat is already the stuff of legend.” |
| Evercore analyst George Galliers agreed that Marchionne was a real talent, saying: | Evercore analyst George Galliers agreed that Marchionne was a real talent, saying: |
| “Marchionne is good at execution, strategy and gamesmanship.” | “Marchionne is good at execution, strategy and gamesmanship.” |
| Sergio Marchionne has died, according to La Repubblica. Very sad. He was only 66. | Sergio Marchionne has died, according to La Repubblica. Very sad. He was only 66. |