Posts Tagged ‘chairman of fca’
Before Fiat Chrysler Automobiles (FCA) became the automotive group it is today, both Fiat and Chrysler were saved by the former CEO Sergio Marchionne. Having stepped down due to illness, Marchionne passed away July 25, 2018. He was born in Italy, and migrated to Toronto, Canada at age thirteen to pursue a higher education. By the time Marchionne graduated grad school, he held a Master’s degree in business administration and law, and then entered the world of accounting. He quickly became recognized as an accountant, tax specialist, attorney, and business strategist as he worked up the ladder in multiple companies before taking his talent to the automotive industry.
The Fiat Group quickly realized the good Marchionne could do for the company when he restructured their debt, settled contractual obligations to General Motors with a $2 billion payment, and drew up a four-year plan to make 20 new models to expand the product line for Fiat. Marchionne was quickly appointed as CEO in 2004, and following this, helped to save the Detroit automotive company, Chrysler Group LLC, out of bankruptcy by purchasing 20-percent of the company in 2009. He was also appointed as the CEO of Chrysler around the same time.