In a shocking turnaround, Sergio Marchionne, CEO of Fiat Chrysler passed away after a being ill for some time. His health had deteriorated suddenly after a shoulder surgery at a Zurich hospital. No other details have yet been disclosed.

Marchionne is credited to having turned the fortunes of Fiat in 2004. He is also regarded for  his take over of Chrysler and merging it with the Fiat group to create one of the biggest auto conglomerates. When he was handed the reigns of the company in 2003, it had lost $7 billion and was staring at bankruptcy. By 2005, Marchionne single handedly turned the tide to make a profit of $2 billion for the company. This was a time when the Fiat Grande Punto was launched and it became a huge success all over Europe, winning the ‘European Car of the Year’ award for 2005.

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in 2009, Marchionne took control of Chrysler LLC, after convincing President Obama. Fiat has also seen a growth in India in the last few years, owing to the success of the Multijet engine and also the recent success of the Jeep brand.

FCA Chairman John Elkann, from the Agnelli family, 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.”

Last week Sergio Marchionne was replaced by Mike Manley as CEO, following his bad health. The Chairman has reassured employees about the future of the company, which will continue to work towards the desired goals, on the path that Marchionne had set.

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