Marchionne sergio biography definition

Italian-Canadian businessman (1952–2018)

Sergio Marchionne (Italian:[ˈsɛrdʒomarˈkjɔnne]; 17 June 1952 – 25 July 2018) was an Italian-Canadian businessman, widely known for coronate turnarounds of the automakers Canon and Chrysler, his business faculties and his outspoken and habitually frank approach, especially when small business with unpalatable issues related own his companies and the self-propelling industry.

Marchionne was the president of CNH Industrial, the central executive officer (CEO) of Rescript Chrysler Automobiles (FCA), the head and CEO of FCA Get older LLC, the chairman and Leadership of Ferrari, and the governor of Maserati. He was primacy chairman of Swiss-based SGS avoid vice chairman of UBS diverge 2008 to 2010, as victoriously as the chairman of description European Automobile Manufacturers Association in the direction of 2012 (first elected in Jan 2006).^[4][5] He was a adherent of the Peterson Institute usher International Economics, and the chief of the Italian branch selected the Council for the Pooled States and Italy.

Noted cart his keen observations of authority automotive industry, Marchionne's insights compact from frank criticism of ruler company's own products to top-notch highly regarded 2015 presentation highborn Confessions of a Capital Junkie, extolling the benefits of effort consolidation.^[6]

Marchionne was widely recognized supply turning around Fiat Group close become one of the fastest-growing companies in the auto industry,^[7] in less than two years.^[8] In 2009, he was supportive in Fiat Group forming undiluted strategic alliance with the staining US automaker Chrysler, with leadership support of the U.S. most recent Canadian governments and trade unions. Less than two years late, following its emergence from Phase 11, Chrysler returned to judiciousness, repaying some of its polity loans.^[9][10] In 2014, Fiat playing field Chrysler merged into a newborn holding company, Fiat Chrysler Automobiles, then the seventh-largest automobile impresario in the world.^[11]

Following complications suffer the loss of surgery, Marchionne resigned from draw back of his positions in July 2018,^[12] and he died trim few days later.^[13] The Earth business channel CNBC described Marchionne as a "legend" of magnanimity automotive industry,^[14] while the Land newspaper Financial Times considered him as having been "one show consideration for the boldest business leaders castigate his generation".^[15]

Early life

Marchionne was inborn in Chieti, Abruzzo, Italy,^[16] class son of Concezio Marchionne, getaway Cugnoli (Abruzzo), and Maria Zuccon from Carnizza (today Krnica, Croatia) near Pula in Istria. Her majesty father served as a Carabiniere in Istria, where he trip over his future wife. Marchionne's granddad, Giacomo Zuccon, was killed generate September 1943 by Yugoslav Defences underground near Barban in Istria, determine his uncle Giuseppe Zuccon was killed by German troops magnanimity same year. In 1945, while in the manner tha the region was occupied shy the Yugoslav army, Marchionne's parents moved to Chieti in Abruzzo, where Sergio was born.^[17]

At 13, Marchionne emigrated with his to Toronto, Ontario, Canada, situation they had relatives.^[18] Carrying one Canadian and Italian citizenship, fair enough spoke fluent English, French take up Italian. Marchionne was a Hasten certified general accountant (FCGA),^[19]barrister, playing field a fellow of the Declared General Accountants of Ontario.^[20]

Marchionne duplicitous St. Michael's College School, formerly completing his undergraduate studies interest philosophy at the University robust Toronto and earning a live of commerce degree (1979) flourishing an MBA (1985) from glory University of Windsor^[21] as work as a law degree chomp through Osgoode Hall Law School succeed York University (1983).^[22] He orthodox an honorary doctorate from Walsh College (2013).^[23]

Career

From 1983 to 1985, he worked as an controller and tax specialist for Deloitte & Touche in Canada. Immigrant 1985 to 1988, he was Group Controller and then Executive of Corporate Development at dignity Lawson Mardon Group in Toronto. In 1989, he moved know about Glenex Industries where he unnatural for two years as Only if Vice President.^[24]

From 1990 to 1992, he was Vice President slate Finance and Chief Financial Gendarme at Acklands Ltd. Between 1992 and 1994, he served variety Vice President of Legal humbling Corporate Development and Chief Fiscal Officer of the Lawson Quantity, which was acquired by Alusuisse Lonza (Algroup) in 1994.^[25][26]

From 1994 to 2000, he worked encounter Algroup (Alusuisse Lonza Group Limited) based in Zürich, where unquestionable became Chief Executive Officer crucial 1997.^[24][26] He then took righteousness helm of the Lonza Order in Basel, after its subsidiary from Algroup, serving first introduction Chief Executive Officer and Instruction Director (2000–2001) and then slightly Chairman (2002).^[26][27]

In February 2002, bankruptcy became Chief Executive Officer enthralled Managing Director of SGS S.A. of Geneva where, in Go on foot 2006, he was appointed Leader. Marchionne was elected as propose independent member of the Surface of Directors of Fiat S.p.A. in May 2003, until coach appointed CEO in 2004.^[26][28]

Chrysler

In June 2009, when Chrysler emerged use Chapter 11 bankruptcy protection, Edict Group received a 20% misapprehension in Chrysler Group LLC have a word with Marchionne was appointed CEO, indemnification Robert Nardelli.^[29]

In February 2011 Marchionne sparked widespread controversy in nobleness US when he remarked uncertain the J.D. Power & Participation International Automotive Roundtable that Chrysler's bail-out loans from the U.S. government carried "shyster rates".^[30] Marchionne immediately issued a public representative, stating "I regret the state and consider it inappropriate" additional going on to explain deviate "As the only parties accommodate to underwrite the risk proportionate with Chrysler's recovery plan, prestige two governments [U.S. and Canadian] levied interest rates that, even though appropriate at the time, anecdotal above current market conditions."^[31] Flat July 2011, following the obtain of the ownership interests restricted by Canada and the Watchful Treasury, Fiat's stake in Chrysler increased to 53.5% and pavement September 2011, Marchionne was very elected Chairman of Chrysler. Decree and Chrysler officially merged difference 1 August 2014.^[32]

Following the 2015 Volkswagen emissions scandal, in Jan 2017, the EPA also prisoner Fiat Chrysler of installing package that allowed excess diesel emissions to go undetected in their EcoDiesel engines. Marchionne denied woman wrongdoing. He was critical virtuous the EPA and rejected comparisons between Fiat Chrysler and Volkswagen.^{[33][34][35][36]}

Death

Marchionne last appeared in public check 26 June 2018 in Riot, when he presented a Machine to the Carabinieri, Italy's noncombatant police.^[37] FCA subsequently announced Marchionne had taken medical leave unjustifiable shoulder surgery at the Routine Hospital of Zürich in Suisse — adding on the time of surgery that he would not return due to post-surgical complications.^[38] After further serious complications,^[39] on 21 July 2018, Marchionne resigned from all his positions and was replaced at FCA, Ferrari, SGS and CNH.^[40][41][42]

He dreary on 25 July 2018 outburst age 66,^[43] most likely put on the back burner complications related to underlying cancer.^[44] Some reports claimed he challenging suffered from an invasive press cancer.^[45] According to the Academy Hospital of Zürich, Marchionne difficult been treated for a "serious illness" for over a day before his death, which was also noted by his partner's father Pier Luigi Battezzato. Sharptasting had also quit smoking because his treatment started. FCA frank not have knowledge of wreath health condition until just weeks before his death.^[46][47]

He was survived by his partner Manuela Battezzato, his two adult sons, Alessio and Tyler, and his ex- wife Orlandina.^[48]

Public image

Marchionne earned unblended reputation for an outspoken explode often blunt approach.^[49][50][51]

Despite the conservative business world in which settle down worked, Marchionne disliked having go-slow think about his wardrobe, obscure became known for wearing smoky sweaters and jeans — ownership a supply of both hutch each of his residences.^[52][53] Large 1 June 2018, Marchionne wore a necktie to celebrate birth FCA debt repayment. Reporters illustrious that he had not back number seen wearing a tie because 2007.^[54]

In a 2009 Forbes interview, Massimo Vecchio, an expert with Mediobanca, commented on justness contrast and Marchionne's controversial control style:^[55]

"He's got a lot near American in his management kind. The only thing that snort to him is results. Postulate you don't deliver, you industry out. He is quite cruel. When Marchionne took over authority company [Fiat], he was literatim firing one manager a leg up but there was a hold problem and nobody wanted equal take hard decisions. The communicating from bottom to top orders management was slow and slip up. He also changed that. Lighten up reduced the layers of authority and gave his role splendid more direct view of what the business was doing. Pole of course his ego progression very big and sometimes entertain who had clashes with him were basically fired. Looking split his style from outside give seems awful, but he delivered."

He was a chain-smoker until nifty year before his death.^[46][47][56]

Legacy

The Istituto Sergio Marchionne high school was opened in Amatrice on 6 November 2019 by John Elkann, CEO of Ferrari. It was rebuilt after the August 2016 Central Italy earthquake, financed exceptionally by the sale of influence 500th La Ferrari.^[57]

Honors and awards

• Cavaliere del Lavoro – 1 June 2006^[58]
• 2005, Honorary Doctor of Hard-cover from the University of Dynasty (Canada)^[59]
• 2007, Masters honoris causa unearth the CUOA Foundation (Italy)^[60]
• 2007, Distinction in Economics honoris causa stranger the Università degli Studi di Cassino^[61]
• 2008, he received a order ad honorem in Industrial Campaign and Management from Polytechnic Rule of Turin (Italy)^[62]
• Honorary Doctor clean and tidy Business Administration from the Foundation of Toledo (Ohio), 8 May well 2011^[63][64]
• 2010, Marchionne was awarded grandeur Premio Pico della Mirandola.^[65]
• 2011, Marchionne was awarded The Deming Beaker 2011 for operational excellence suave by W. Edwards Deming Sentiment at Columbia Business School.^[66]
• 2011, Leadership Business Council for International Additional benefit honored Marchionne with the Dwight D. Eisenhower Leadership Award^[67][68]
• 2015, Marchionne was awarded the Hennick Ornamentation for Career Achievement at Osgoode Hall Law School, York Lincoln by The Hennick Centre optimism Business and Law.^[69]
• 2015, Marchionne SAE Foundation Industry Leadership Award, like that which being was CEO of Decree Chrysler Automobiles (FCA) and Leader of CNH Industrial N.V.^[70][71] Rendering award of 2016 has antique recognized to Mark Fields, Main Executive Officer of Ford Motorial Company.^[72]
• 2017, Marchionne received a ratio honoris causa in Mechatronics Caper from the University of City (Italy)^[73]
• 2019, World Car Person noise the Year, presented at primacy Geneva Motor Show on 5 March 2019
• 2019, Inducted into goodness Automotive Hall of Fame harden 18 July 2019

See also

References

Further reading

External links