Sergio Marchionne, former CEO of Ferrari and Fiat Chrysler Automobiles, is reportedly in a coma and on life support with no hope of recovery. A fresh report from Automotive News cites Lettera43 as the source for this latest information in what has become a tragic turn of events that has rocked the automotive world.
According to the report, Marchionne suffered a cerebral embolism during surgery for invasive shoulder sarcoma. It’s a type of cancer that the automotive mogul apparently suffered from for some time, causing significant pain in his shoulder. The report claims Marchionne underwent the risky operation at the University of Zurich in the latter days of June.
An embolism is essentially the blockage of an artery, often caused by a blood clot or air bubble in the bloodstream. The report doesn’t specify the exact nature of the embolism Marchionne suffered, but its effects are nothing short of devastating. If the report is accurate, he fell into a coma during the surgery and suffered irreversible brain damage. He’s allegedly still in the coma and being kept alive only by life support machines, with no hope of recovery.
Automotive News points out the report from Italian website Lettra43 cites anonymous sources. FCA’s official press release from July 21 (included at the link below) said Marchionne’s condition had “worsened significantly in recent hours” while he recovered from surgery. Jeep boss Mike Manley was picked to replace Marchionne as FCA’s new CEO, and his confirmation is expected soon at the company’s next shareholder meeting. Former Philip Morris International executive Louis Camilleri was picked to take over as CEO of Ferrari.
It can be easily argued that Sergio Marchionne changed the current automotive landscape. From his restructuring of Chrysler following the Great Recession to his bold performance reboot with Dodge and straight-from-the-hip approach to the entire industry, there are few people who’ve left such a mark in their profession. His prognosis sounds very grim, but we suspect if anyone can pull off a surprise win, it’s him.
We will update the story should anything change.
Source: Automotive News
July 21, 2018, London - With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.
As a consequence, Mr. Marchionne will be unable to return to work.
The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.
The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.
In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.
Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA’s strong and independent future.