Mr Marchionne steps down as Ferrari ceo

Google has him listed: "died 7/23/2018" fake news?


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Says he died in Maranello? I thought he was in the hospital in Zurich.

 

But his heart will always be in Italy..

This seems fake.

 

The situation is a bit more complicated.
John is the only real controller and owner of an almost unknown company called "Dicembre" (December).
The "Dicembre" has total control of the "Giovanni Agnelli S.A.P.Az" which is the safe of the whole Agnelli big family.
Finally, Exor is under the control of the latter company.

 

I see nothing in any news feeds confirming this, so it's almost certainly fake.

 

I read the press release this morning. Elkann's language and diction sound more like an obituary than a sendoff. Reading between the lines, it sounds like he isn't expected to make it. Either they found something bad while operating on his shoulder, he suffered a stroke under anesthesia or got an infection while recovering, or the "shoulder" surgery wasn't really shoulder surgery (he went to Switzerland for a shoulder??). At any rate, I don't buy this conspiracy theory stuff that he was elaborately ousted; the major board members/shareholders in FCAU and RACE aren't about to potentially destabilize multiple companies worth over $50 billion when the CEO has an excellent track record, unless they have to.

 

I can't be sure but I think Google was indexing Wikipedia there. The Wiki was flawed and so was Google, both are fixed now.

 

Now the 'musical chairs' begin:
FCA's Altavilla, who had been a CEO candidate, to step down

July 23, 2018 @ 7:11 am
Staff and wire reports
Bloomberg

Alfredo Altavilla, left, was a close aide to CEO Sergio Marchionne. Photo credit: Bloomberg

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MILAN -- The head of Fiat Chrysler's Europe, Middle East and Africa business, Alfredo Altavilla, has stepped down.

FCA's new CEO, Mike Manley, will head the EMEA region on an interim basis, the company said in a news release Monday. Altavilla will be working with Manley through the end of August to ensure a smooth transition, FCA said.

Altavilla's departure will deprive Manley of crucial management experience as he tries to steady the ship following the sudden loss of Sergio Marchionne, who was forced to relinquish his post of 14 years due to declining health.

Altavilla, along with Manley, head of Jeep, and CFO Richard Palmer, 51, was among the top candidates to succeed Marchionne when he stepped down next year. But after Marchionne fell seriously ill due to complications following surgery, the company accelerated the succession plans and on Saturday appointed Manley to succeed Marchionne.

Palmer takes on Altavilla's responsibility for global business development, FCA said.

Altavilla, 54, was a close aide to Marchionne, having overseen Fiat Chrysler operations across the globe. His resignation raises the stakes for Manley when he addresses investors Wednesday for the first time as CEO.

Manley already faced pressure to show he was capable of moving the Italian-American automaker forward without Marchionne. Now he will face questions on whether he can hold together an experienced management team or face more turmoil in executive ranks.

Reuters and Bloomberg contributed

 

Lapo would be good only for cocaine...

 

Reports are that he was found to have Lung Cancer .... that spread. apparently pretty serious, and shoulder surgery was only part of the issue... sad that you get to the position he was in - and mortality is the great equalizer.

 

Elkan is the Chariman of Exor - & FCA.... the Angelli investment in FCA and Ferrari etc..

 

https://thesportsrush.com/sergio-marchionne-in-deep-coma-condition-reportedly-irreversible/

Very sad indeed, coma, cancer, quite extreme.

 

• 
  Today's WSJ:

• BUSINESS

Sergio Marchionne’s Exit Jolts Ferrari
CEO was expected to leave Fiat Chrysler soon, but had planned to remain at helm of luxury-car maker until at least 2021


Sergio Marchionne, right, and then-Italian Prime Minister Matteo Renzi hold a Ferrari Formula One replica in 2016. PHOTO: STEFANO RELLANDINI/REUTERS
By
Eric Sylvers
July 23, 2018 12:53 p.m. ET
15 COMMENTS


MILAN— Sergio Marchionne’s exit as the leader of Ferrari NV is likely to upend an Italian sports-car legend whose strategy Mr. Marchionne revolutionized in recent years.

Mr. Marchionne was suddenly replaced at the helm of both Fiat Chrysler Automobiles NV and Ferrari over the weekend due to health issues. He had been slated to exit FCA next yearand had put in place a succession plan for the Italian-American car maker.

“There is a list [of possible successors] in an envelope with the board and they know who my preference is,” he said last year.

But he had planned to remain at Ferrari, where he was also chairman, until at least 2021. Mr. Marchionne, who personally owns several Ferraris, never commented on succession.

Up, up and awayAfter previous management had cappedFerrari’s annual production at about 7,000, itinched higher under Sergio Marchionne.Source: the company
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Ferrari’s shares were 4.2% lower in midday trading in New York on Monday.

Louis Camilleri, a Ferrari board member and chairman of the company’s racing sponsor Philip Morris International Inc., has assumed the CEO role until shareholders can confirm him in the new role permanently.

Ferrari is in the midst of a sharp change in strategy led by Mr. Marchionne, which included a ramp-up in production, a 2015 stock-market listing and the planned launch of a sport-utility vehicle.

Mr. Marchionne became chairman of Ferrari in late 2014 after a public spat with Luca Cordero di Montezemolo, the car maker’s longtime chairman. At the time, Fiat Chrysler owned 90% of Ferrari, and the two men were at loggerheads.

Mr. Montezemolo feared that the production increase envisioned by Mr. Marchionne would threaten the company’s luxury premium while the travails of a stock-market listing would eventually chip away at Ferrari’s uncompromising attention to detail that allows it to command about $250,000 on base models and well over a $1 million for special-edition cars.

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Mr. Marchionne, who saw higher production and a stock listing as ways for FCA to raise money to fund its ambitious investments, ousted Mr. Montezemolo. Mr. Marchionne also became CEO of Ferrari in May 2016.

“We had in the recent past some recent serious disagreements, but I never called into question Sergio’s courage, ability and vision that made the saving and re-launch [of Fiat] possible,” Mr. Montezemolo said in a statement Monday.

In the wake of the initial public offering, Mr. Marchionne decided to expand production of Ferraris, pushing it above the longtime annual ceiling of 7,000 cars. The company sold 8,400 cars last year.

Ferrari is also set to introduce its first SUV—although no launch date has been set—and is also trying to fight its way back into contention in Formula One, a key marketing platform which it hasn’t won in a decade.

Ferrari’s stock price has more than doubled since the IPO. The company is now worth almost as much as FCA, which sells almost 5 million vehicles a year.

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Mr. Camilleri, a U.K. national who has been on Ferrari’s board since the company’s public offering, has had a close personal and professional relationship with Ferrari and Mr. Marchionne for many years.

Philip Morris has most years been the car company’s largest Formula One sponsor. Mr. Marchionne occasionally has shown Mr. Camilleri new Ferraris before they had been unveiled to the public or to other board members. Mr. Marchionne is a director at Philip Morris, where Mr. Camilleri has held various positions—including at the parent company—for the past four decades.

A Ferrari executive said the appointment of Mr. Camilleri, who has no experience heading a car company, is meant to show that Mr. Marchionne’s vision for the storied car maker will carry on.

But that may prove difficult. “Camilleri…has an easy job operationally. But he inherits an absurd valuation, a product plan that’s far from settled internally and 2021 financial targets that Sergio scribbled on a napkin and that may be difficult to deliver,” wrote Sanford C. Bernstein analyst Max Warburton.

Mr. Marchionne successfully pushed investors and analysts to view Ferrari as a luxury-goods maker—and afford it the resulting high valuation rather than a run-of-the-mill car maker. Based on Ferrari’s most recent earnings, its price-to-earnings ratio is over 30, compared with under 10 for most auto companies.

“Marchionne increasingly had [Ferrari] tuned to perfection. It has to be seen if it can remain so without him,” wrote Evercore ISI analyst George Galliers.

The financial targets include ambitious increases in Ferrari’s hefty profit margin of 25%, which already far outstrips other listed auto makers’ single-digits margins.

Production has inched higher since Mr. Marchionne took over as chairman in 2014 and is now approaching 10,000. Some analysts have speculated that the executive had planned soon to push production as high as 15,000 a year.

Ferrari is facing headwinds as the stronger euro hurts profits. The company sells much of its production in the U.S. and then converts those dollars back into euros. Mr. Galliers estimates that 43% of Ferrari’s earnings improvement since 2014 came from positive foreign-exchange movements and the termination of unfavorable hedging.

Write to Eric Sylvers at [email protected]

Appeared in the July 24, 2018, print edition as 'Ferrari Is Without Its Driving Force.'

 

Seems related to shoulder surgery

http://europe.autonews.com/article/20180722/COPY/307229984/marchionnes-condition-may-be-irreversible-report-says

 

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Marchionne suffered embolism during cancer surgery, Italian report says

July 24, 2018 @ 2:30 pm
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Fiat Chrysler Automobiles Chairman John Elkann, right, and CEO Sergio Marchionne at a news conference following the presentation of the automaker's five-year business plan at the Balocco test track near Turin, Italy, on June 1. Photo credit: BLOOMBERG

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UPDATED: 7/24/18 3:09 pm ET

Former Fiat Chrysler Automobiles CEO Sergio Marchionne suffered an embolism while undergoing an operation for an invasive shoulder sarcoma and has irreversible damage to his brain function, and he had failed to tell Fiat Chrysler Chairman John Elkann of the seriousness of his illness, an Italian business website reported Tuesday.

Lettera43, in a report Tuesday citing anonymous sources, said Marchionne, 66, had been diagnosed "long ago" with the invasive shoulder sarcoma -- a malignant form of cancer that can develop in the body's soft tissue -- and "expressed some doubts" about the effectiveness of the high-risk operation he underwent at the University of Zurich in late June.

Sources told Lettera43, which has led coverage of Marchionne's illness, that during the operation, Marchionne was struck by a cerebral embolism, plunging him into a coma. It also claims that Marchionne is now being kept alive only by machines, and that doctors said there was no hope of recovery.

According to the American Heart Association, an embolism occurs when a blood clot or piece of fatty plaque breaks loose and travels through the bloodstream and becomes lodged in a blood vessel and blocks blood flow.

When an embolism blocks the flow of blood to the brain, it is called a cerebral embolism, a type of stroke.

Lettera43 says Marchionne suffered for some time from "severe shoulder pain that made arm movements difficult," according to a translation, and that he took cortisone to soothe them. It says that Marchionne also suffered from a chronic thyroid condition for which he had been taking medications for an extended period, which other sources have told Automotive News.

A spokeswoman for FCA US declined to comment on the report.

 

I don't disagree, Dave. But, somebody's got to mind the shop and run the business. I think they made a great choice. Camilleri isn't only a brilliant business leader but he also has a great passion for Ferrari. All signs point positive, but time will tell. In fairness to Marchionne, I don't know that he was ever the type to interject himself in the design and engineering aspects of Ferrari. Agree or disagree with his priorities, he was focused on growth and value. The five year plan, which is supposed to be unveiled in September, will be fascinating to see.

 

I get it but companies are founded by passion in most cases. These hired guns certainly have value but they are not the backbone of the company.

 

Wow that is incredibly sad. Having a sarcoma plus an arterial embolism to the brain is terrible and very rare. What a sad way to go out. At least he lived the dream while he could.

 

Yes, the business papers here in France also say that he has died this morning:

https://www.challenges.fr/automobile/actu-auto/sergio-marchionne-l-ancien-patron-emblematique-de-fiat-chrysler-est-mort-a-66-ans_603394

Rgds

 

From "La Stampa" in Italy today:

"John Elkann said: Sergio Marchionne taught us that the only question that's worth asking oneself at the end of every day is whether we have been able to change something for the better, whether we have been able to make a difference. And Sergio has always made a difference, wherever his work took him and in the lives of so very many people."


A very sad day.
RIP Mr. Marchionne and thank you for what you did for Ferrari.

Marcel Massini

 

Rest In Peace, Mr. Marchionne.


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Here is a photo I did on the 1st December 2016 in Daytona.

Marcel Massini

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New thread: "Where are the engineers' yachts?" (answer: On their CAD screens!)

sjd
have another drink, i'm here all night.

 

So with this abrupt death and a new CEO coming on board, does Ferrari still want to ramp up production and go the Porsche route eventually? Or are things changing? Its sad for me to see across all brands, that new Rolls Royce SUV is the worst attempt I've seen by any automaker to increase sales, if Ferrari ever made such a monstrosity I might cry.