Sergio Marchionne, architect of Fiat Chrysler turnaround, dead at 66

Sergio Marchionne, replaced last week as CEO of Fiat Chrysler when he became gravely ill after shoulder surgery in June, has died, according to Fortune.

Mr. Marchionne was 66 years old. He died July 24 at University Hospital in Zurich, Switzerland.

He took control of Fiat in 2004 and led the company through its merger with Chrysler in 2009, eventually bringing both companies from the brink of bankruptcy to years of profitability. He had planned to retire in 2019.

"The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," said John Elkann, chairman of Fiat Chrysler and the great-great-grandson of Fiat founder Giovanni Agnelli, according to Reuters.

Mike Manley, who has led Fiat Chrysler's North American division and its Jeep and Ram brands, takes  over for Mr. Marchionne.

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