AMSTERDAM (Reuters) - Fiat Chrysler (>> Fiat Chrysler Automobiles) is working with its Chief Executive Sergio Marchionne to find his successor next year, the car group's chairman John Elkann said on Friday.
AMSTERDAM (Reuters) - Fiat Chrysler is working with its Chief Executive Sergio Marchionne to find his successor next year, the car group's chairman John Elkann said on Friday.
Marchionne has previously said he will step down as CEO in early 2019. He has repeatedly said his successor will be chosen from within the company.
(Reporting by Stefano Rebaudo, writing by Stephen Jewkes)
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| 400.3 USD | -0.07% | +0.77% | 111B | ||
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| 15.79 USD | -0.38% | +1.87% | 23.91B | ||
Sergio Marchionne (; born June 17, 1952) is an Italian-Canadian-American executive widely known for his turnaround of the Italian automotive group Fiat and, more recently, for managing the US automotive group Chrysler from bankruptcy to profitability. Marchionne currently holds several roles of major importance, including serving as CEO of Fiat S.p.A., Chairman and CEO of Chrysler Group LLC, and Chairman of CNH Industrial N.V. and its principal subsidiary CNH. He was elected Chairman of the European Automobile Manufacturers Association for 2012 (first elected in January 2006). He is the Chairman of Swiss-based SGS and is on the Board of Directors of cigarette and tobacco producer Philip Morris International, and was a member of the Board of Directors of the global banking group UBS for a number of years up to 2010, appointed Vice Chairman (non-executive) in February 2008.
He is also a member of the Peterson Institute for International Economics as well as Chairman of the Italian Branch of the Council for the United States and Italy.
Marchionne is widely recognized for turning around Fiat Group to become one of the fastest growing companies in the auto industry, returning it to profitability in 2006 less than two years after taking the helm. In 2009, he was instrumental in Fiat Group forming a strategic alliance with the ailing US automaker Chrysler, with the support of the US and Canadian governments and trade unions. Less than two years later, following its emergence from Chapter 11, Chrysler returned to profitability (Q1 2011) and repaid all government loans (May 2011). Under Marchionne's leadership, Fiat and Chrysler have come together to create a leading global player in the automobile sector, leveraging the product portfolios, purchasing power and distribution capabilities of both partners.
In addition to returning Italy's number-one industrial group to financial health, Marchionne has also been a major protagonist for change in industrial relations in Italy, with the model established at several group plants precipitating a shift (including legislative) toward the practice of regional and local bargaining over the traditional model of national agreements.
Life and career
Early life
Marchionne was born in Chieti, Abruzzo, Italy, the son of Concezio Marchionne, from Cugnoli (also in Abruzzo), and Maria Zuccon from Carnizza (today Krnica, Croatia) near Labin in Istria. His father served as a carabiniere in Istria, where he met his future wife. Marchionne's grandfather, Giacomo Zuccon, was killed in September 1943 by Yugoslav Partisans near Barban in Istria, while his uncle Giuseppe Zuccon was killed by the Nazis the same year. In 1945, when the region was occupied by the Yugoslav army, Marchionne's parents moved to Chieti in Abruzzo, where Sergio was born.
At age 14, Marchionne emigrated with his family to Toronto, Canada, where they had relatives. As a result, he has dual Canadian and Italian citizenship and speaks fluent English and Italian. He is a Canadian Certified General Accountant (FCGA), barrister, and a fellow of the Certified General Accountants of Ontario.
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