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The Latest: Tributes Pour in for Marchionne

The Latest: Tributes Pour in for Marchionne

Wednesday, 25 July 2018 09:38 AM

MILAN (AP) — The Latest on the death of Fiat Chrysler's former CEO, Sergio Marchionne (all times local):

3:30 p.m.

Tributes are pouring in from automotive leaders about Sergio Marchionne's skill, creativity and determination in saving Chrysler and Fiat from near-certain financial ruin.

General Motors CEO Mary Barra, whom Marchionne tried unsuccessfully to persuade to enter into a merger, sent condolences to his family, friends and Fiat Chrysler colleagues and praised his "remarkable legacy in the automotive industry."

Ford Executive Chairman Bill Ford called Marchionne "one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker."

The Cgil union, Italy's most powerful, praised Marchionne for having "saved a dying company." But it faulted him for having failed to negotiate with "an important sector of Italian workers," which it said created conflict and divisions that are still being felt.

Cgil's Fiom metalworkers union clashed with Marchionne over changes he brought to Italian plants to increase productivity.

2:45 p.m.

Fiat Chrysler CEO Mike Manley has paid tribute to Sergio Marchionne, saying news of his death is "heartbreaking."

Manley opened a conference call on the automaker's quarterly results on Wednesday with a minute of silence. He spoke from headquarters in the Italian town of Turin, where corporate flags flew at half-mast. At the Fiat plant in Pomigliano, Italy, where the popular Panda car is produced, workers stopped production for 10 minutes.

Manley said: "This is a very sad and difficult time."

"There is no doubt Sergio was a very special man and there is no doubt he will be sorely missed."

CFO Richard Palmer, who was also on the call, said Marchionne was unique, and that he was grateful to have worked alongside him for the last 12 years. "I know his style was to get on with the job. I would like to move forward with the presentation. Moving to page 3, Q2 wasn't up to our expectations..."

11:45 a.m.

Sergio Marchionne, who engineered turnarounds to save both Fiat and Chrysler from near-certain failure, has died.

The holding company of the Agnelli family, which founded Fiat, confirmed Wednesday that Marchionne, 66, had died.

Marchionne joined Fiat in 2004 and led the Turin-based company's merger with bankrupt U.S. carmaker Chrysler. He built the dysfunctional companies into the world's seventh-largest automaker.

Marchionne was reported to have had surgery for a shoulder problem about three weeks ago in Switzerland. Fiat Chrysler said Saturday that due to his deteriorating health Marchionne "will be unable to return to work" and found a replacement.

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The Latest on the death of Fiat Chrysler's former CEO, Sergio Marchionne (all times local):3:30 p.m.Tributes are pouring in from automotive leaders about Sergio Marchionne's skill, creativity and determination in saving Chrysler and Fiat from near-certain financial...
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Wednesday, 25 July 2018 09:38 AM
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