Yesterday we announced that the CEO of Fiat-Chrysler and Ferrari, Sergio Marchionne, was stepping down. After going in for shoulder surgery, complications arose, forcing him to step down from his position at the helm. Today, we regret to say that the automotive icon Sergio Marchionne has passed away due to his deteriorating health.
Under his leadership, Fiat purchased a controlling stake in Chrysler and reorganized their brands for unbelievable profits. Fiat’s value saw a ten-fold increase, and he brought Alfa-Romeo and Fiat back to the US.
When they couldn’t produce enough V6 engines in Italy, he brought Jeep’s Toledo Engine Factory back to 24/7 operations, casting the blocks and heads and shipping them to Italy for final assembly. Dodge and SRT have made us rethink what a muscle car truly is with the Hellcat and Demon. As for Jeep, the Grand Cherokee was one of the best-selling vehicles in America in 2017, and the upcoming Wrangler pickup is going to be a runaway success.
His decision to spinoff Ferrari was another genius move, as their IPO raised serious cash for innovations. He was also Ferrari’s CEO, making sure the brand was protected from any market fluctuations that plague all big automakers. Taking over his position as Chairman is John Elkann. Elkann’s resume includes being the CEO of Exor NV, the holding company for the Agnelli family, who founded Fiat. He said, “My family and I will be forever grateful for what he has done, Sergio Marchionne, man, and friend, is gone.”
When he was frustrated, he would take his aggressions out on his black Enzo, lapping Fiorano wide open to clear his mind. He said in 2014 “When you’re pissed off, there’s nothing better than this”. We agree and now he is gone to race in a better place.
Our deepest sympathies to his family and friends. He will be missed by all.
June 17th, 1952- July 24th, 2018