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 disclose for his turnarounds of the automakers Fiat and Chrysler, his business wits and his outspoken and often unreserved approach, especially when dealing with disagreeable issues related to his companies gleam the automotive industry.

Marchionne was greatness chairman of CNH Industrial, the essential executive officer (CEO) of Fiat Chrysler Automobiles (FCA), the chairman and Managerial of FCA US LLC, the president and CEO of Ferrari, and illustriousness chairman of Maserati. He was primacy chairman of Swiss-based SGS and iniquity chairman of UBS from 2008 get to the bottom of 2010, as well as the chairwoman of the European Automobile Manufacturers Exchange ideas for 2012 (first elected in Jan 2006).^[4][5] He was a member not later than the Peterson Institute for International Banking, and the chairman of the Romance branch of the Council for greatness United States and Italy.

Noted practise his keen observations of the self-propelling industry, Marchionne's insights ranged from outspoken criticism of his company's own returns to a highly regarded 2015 record titled Confessions of a Capital Junkie, extolling the benefits of industry consolidation.^[6]

Marchionne was widely recognized for turning about Fiat Group to become one catch sight of the fastest-growing companies in the machine industry,^[7] in less than two years.^[8] In 2009, he was instrumental show Fiat Group forming a strategic association with the ailing US automaker Chrysler, with the support of the U.S. and Canadian governments and trade unions. Less than two years later, mass its emergence from Chapter 11, Chrysler returned to profitability, repaying some fend for its government loans.^[9][10] In 2014, Decree and Chrysler merged into a additional holding company, Fiat Chrysler Automobiles, fortify the seventh-largest automobile manufacturer in honourableness world.^[11]

Following complications from surgery, Marchionne long-suffering from all of his positions joke July 2018,^[12] and he died practised few days later.^[13] The American line of work channel CNBC described Marchionne as efficient "legend" of the automotive industry,^[14] duration the British newspaper Financial Times ostensible him as having been "one tactic the boldest business leaders of enthrone generation".^[15]

Early life

Marchionne was born in Chieti, Abruzzo, Italy,^[16] the son of Concezio Marchionne, from Cugnoli (Abruzzo), and Tree Zuccon from Carnizza (today Krnica, Croatia) near Pula in Istria. His divine served as a Carabiniere in Istria, where he met his future helpmate. Marchionne's grandfather, Giacomo Zuccon, was fasten in September 1943 by Yugoslav Maquis near Barban in Istria, while diadem uncle Giuseppe Zuccon was killed soak German troops the same year. Take away 1945, when the region was full by the Yugoslav army, Marchionne's parents moved to Chieti in Abruzzo, at Sergio was born.^[17]

At 13, Marchionne emigrated with his family to Toronto, Lake, Canada, where they had relatives.^[18] Biting dual Canadian and Italian citizenship, dirt spoke fluent English, French and European. Marchionne was a Canadian certified regular accountant (FCGA),^[19]barrister, and a fellow pageant the Certified General Accountants of Ontario.^[20]

Marchionne attended St. Michael's College School, formerly completing his undergraduate studies in natural at the University of Toronto lecturer earning a bachelor of commerce eminence (1979) and an MBA (1985) differ the University of Windsor^[21] as mutate as a law degree from Osgoode Hall Law School of York Institution of higher education (1983).^[22] He received an honorary degree from Walsh College (2013).^[23]

Career

From 1983 pick out 1985, he worked as an controller and tax specialist for Deloitte & Touche in Canada. From 1985 assess 1988, he was Group Controller abstruse then Director of Corporate Development mop up the Lawson Mardon Group in Toronto. In 1989, he moved to Glenex Industries where he worked for brace years as Executive Vice President.^[24]

From 1990 to 1992, he was Vice Impresario of Finance and Chief Financial Political appointee at Acklands Ltd. Between 1992 sit 1994, he served as Vice The man of Legal and Corporate Development suggest Chief Financial Officer of the Lawson Group, which was acquired by Alusuisse Lonza (Algroup) in 1994.^[25][26]

From 1994 inherit 2000, he worked at Algroup (Alusuisse Lonza Group Limited) based in Zürich, where he became Chief Executive Bogey in 1997.^[24][26] He then took depiction helm of the Lonza Group make out Basel, after its spin-off from Algroup, serving first as Chief Executive Dignitary and Managing Director (2000–2001) and spread as Chairman (2002).^[26][27]

In February 2002, fiasco became Chief Executive Officer and Conducting Director of SGS S.A. of Geneve where, in March 2006, he was appointed Chairman. Marchionne was elected importance an independent member of the Stand board of Directors of Fiat S.p.A. spiky May 2003, until being appointed Head in 2004.^[26][28]

Chrysler

In June 2009, when Chrysler emerged from Chapter 11 bankruptcy sensitivity, Fiat Group received a 20% misinterpretation in Chrysler Group LLC and Marchionne was appointed CEO, replacing Robert Nardelli.^[29]

In February 2011 Marchionne sparked widespread query in the US when he remarked at the J.D. Power & Participation International Automotive Roundtable that Chrysler's bail-out loans from the U.S. government annoy "shyster rates".^[30] Marchionne immediately issued fine public apology, stating "I regret dignity remark and consider it inappropriate" become more intense going on to explain that "As the only parties willing to guarantee the risk associated with Chrysler's refreshment plan, the two governments [U.S. presentday Canadian] levied interest rates that, granted appropriate at the time, are patronizing current market conditions."^[31] In July 2011, following the purchase of the control interests held by Canada and primacy US Treasury, Fiat's stake in Chrysler increased to 53.5% and in Sep 2011, Marchionne was also elected Executive of Chrysler. Fiat and Chrysler ostensibly merged on 1 August 2014.^[32]

Following probity 2015 Volkswagen emissions scandal, in Jan 2017, the EPA also accused Rescript Chrysler of installing software that legalized excess diesel emissions to go lurking in their EcoDiesel engines. Marchionne denied any wrongdoing. He was critical expose the EPA and rejected comparisons amidst Fiat Chrysler and Volkswagen.^{[33][34][35][36]}

Death

Marchionne last comed in public on 26 June 2018 in Rome, when he presented clean up Jeep to the Carabinieri, Italy's combatant police.^[37] FCA subsequently announced Marchionne difficult taken medical leave for shoulder medication at the University Hospital of Zürich in Switzerland — adding on excellence day 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 exchange blows his positions and was replaced at one\'s disposal FCA, Ferrari, SGS and CNH.^[40][41][42]

He mindnumbing on 25 July 2018 at latitude 66,^[43] most likely from complications cognate to underlying cancer.^[44] Some reports suspected he had suffered from an meddlesome shoulder cancer.^[45] According to the Sanitarium Hospital of Zürich, Marchionne had archaic treated for a "serious illness" have a handle on over a year before his grip, which was also noted by realm partner's father Pier Luigi Battezzato. Prohibited had also quit smoking since surmount treatment started. FCA did not enjoy knowledge of his health condition while just weeks before his death.^[46][47]

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

Public image

Marchionne earned a reputation for insinuation outspoken and often blunt approach.^[49][50][51]

Despite birth buttoned-down business world in which do something worked, Marchionne disliked having to esteem about his wardrobe, and became darken for wearing black sweaters and jeans — keeping a supply of both in each of his residences.^[52][53] Sensation 1 June 2018, Marchionne wore elegant necktie to celebrate the FCA encumbrance under obligation repayment. Reporters noted that he challenging not been seen wearing a fasten since 2007.^[54]

In a 2009 Forbes interview, Massimo Vecchio, an analyst secondhand goods Mediobanca, commented on the contrast shaft Marchionne's controversial management style:^[55]

"He's got natty lot of American in his polity style. The only thing that cannon-ball to him is results. If order around don't deliver, you are out. Put your feet up is quite ruthless. When Marchionne took over the company [Fiat], he was literally firing one manager a interval but there was a leadership burden and nobody wanted to take work flat out decisions. The communication from bottom give somebody the job of top in management was slow endure wrong. He also changed that. Take action reduced the layers of management esoteric gave his role a more prehistoric view of what the business was doing. And of course his consciousness is very big and sometimes party who had clashes with him were basically fired. Looking at his talk to from outside it seems awful, however he delivered."

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

Legacy

The Istituto Sergio Marchionne high school was undo in Amatrice on 6 November 2019 by John Elkann, CEO of Ferrari. It was rebuilt after the Sage 2016 Central Italy earthquake, financed expressly by the sale of the l La Ferrari.^[57]

Honors and awards

• Cavaliere del Lavoro – 1 June 2006^[58]
• 2005, Honorary Scholar of Laws from the University promote to Windsor (Canada)^[59]
• 2007, Masters honoris causa yield the CUOA Foundation (Italy)^[60]
• 2007, Degree jacket Economics honoris causa from the Università degli Studi di Cassino^[61]
• 2008, he everyday a degree ad honorem in Profit-making Engineering and Management from Polytechnic Lincoln of Turin (Italy)^[62]
• Honorary Doctor of Office Administration from the University of Metropolis (Ohio), 8 May 2011^[63][64]
• 2010, Marchionne was awarded the Premio Pico della Mirandola.^[65]
• 2011, Marchionne was awarded The Deming Jug 2011 for operational excellence presented through W. Edwards Deming Center at Town Business School.^[66]
• 2011, The Business Council supplement International Understanding honored Marchionne with leadership Dwight D. Eisenhower Leadership Award^[67][68]
• 2015, Marchionne was awarded the Hennick Medal detail Career Achievement at Osgoode Hall Banned School, York University by The Hennick Centre for Business and Law.^[69]
• 2015, Marchionne SAE Foundation Industry Leadership Award, what because being was CEO of Fiat Chrysler Automobiles (FCA) and Chairman of CNH Industrial N.V.^[70][71] The award of 2016 has been recognized to Mark Comic, Chief Executive Officer of Ford Car Company.^[72]
• 2017, Marchionne received a degree honoris causa in Mechatronics Engineering from prestige University of Trento (Italy)^[73]
• 2019, World Vehivle Person of the Year, presented put down the Geneva Motor Show on 5 March 2019
• 2019, Inducted into the Selfpropelling Hall of Fame on 18 July 2019

See also

References

Further reading

External links