Fiat Chrysler's Marchionne dies, shares dive on profit slide Trading Ideas


Fiat Chrysler's visionary boss Sergio Marchionne has died, holding company Exor announced today.

Formula One CEO Chase Carey has led racing's tributes to former Ferrari president Sergio Marchionne, who died on Wednesday.

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

Fiat Chrysler Automobiles' (FCA) shares plummeted more than 10 per cent on the Milan stock exchange Wednesday and its shares were suspended, after the Italian vehicle giant published disappointing quarterly results, agencies including Bloomberg, Reuters and AFP said.

And the Italian passed away on Wednesday, John Elkann, his replacement as chairman, confirmed.

Marchionne resurrected one of Italy's biggest corporate names and revitalized Chrysler, succeeding where the US company's two previous owners - Mercedes parent Daimler and private equity group Carberus - both had failed.

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In 2009, he presided over Fiat's merger with Chrysler, which was then the number three carmaker in the US.

He built the dysfunctional companies into the world's seventh-largest auto manufacturer. While FCA is the most-affected by his loss, Marchionne's passing is a loss for the global automotive industry.

The Associated Press contributed to this article.

"There is no doubt that Sergio was a very special, unique man", said Manley, "and there is no doubt that he's going to be sorely missed". "Our heartfelt sympathies are with Sergio's family and all at Scuderia Ferrari at this hard time".

Michael Manley, chief executive officer of Chrysler Group LLC's Jeep brand speaks during the media preview of the 2016 New York International Auto Show in Manhattan, New York March 23, 2016. At the time, the company had been on the brink of bankruptcy.

In his roles with both Fiat Chrysler and Ferrari, he was never far from controversy, and never shirked from the fight that might follow.

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Mr Marchionne has been succeeded by Briton Mike Manley, head of the Italian-American firm's Jeep division.

He gave up the quest when his preferred target, General Motors Co, rejected his advances and focused on fixing FCA's finances first, notably erasing all net debt, which he achieved in the quarter to June.

Marchionne's "story is a great Italian story", former Italian Prime Minister Silvio Berlusconi had said on Sunday, saying he had come to "symbolise Italian ingenuity" for the world. However, he didn't live long enough to complete his last two aims: personally hand over the reins of Fiat Chrysler Automobiles to a hand-picked protege, and lay out plans for transforming supercar maker Ferrari.

Chief Financial Officer Chuck Stevens said GM put in a "solid performance" in the second quarter "despite some fairly significant headwinds that have built throughout the year".

The automaker has also been hit by a 22 percent sales drop in China through May of this year and is seen as unlikely to be able to raise prices to offset tariffs there on US -made vehicles, especially its luxury Lincoln models.

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