Sergio Marchionne, who spent 14 years as the CEO of Fiat Chrysler, stepped down from his position July 21 after becoming gravely ill following shoulder surgery, according to The New York Times.
Mr. Marchionne took control of Fiat in 2004 and brought the company back from the brink of bankruptcy before acquiring Chrysler in 2009 and leading the combined enterprise to a resurgence. Fiat's value when Mr. Marchionne took control was $7.5 billion, and the combined value of Fiat Chrysler and Ferrari, spun out from Fiat Chrysler, is roughly $71.5 billion today.
Mike Manley, who leads Fiat Chrysler's North America division and is in charge of the Jeep and Ram truck brands, will take over for Mr. Marchionne, who is currently in the ICU of a Swiss hospital, according to Insider.
"Without Sergio, Chrysler would not have survived," Mike Jackson, chairman and chief executive of AutoNation, told The New York Times. "His negotiation with the Treasury was just masterful at a time of extreme stress. He’s a remarkable creator of value for companies, not just in the auto industry, but any industry."
Mr. Marchionne was scheduled to retire from Fiat Chrysler in 2019.