When President Obama took office, the American auto industry was on the brink of collapse. Many Republicans in 2004 wanted to let it and all the jobs go.
Sergio Marchionne, 66, CEO of Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) is gravely ill following an operation last week in Zurich, Switzerland for an unspecified problem. He is not expected to recover. “As a consequence, Mr. Marchionne will be unable to return to work,” FCA said in a terse statement over the weekend confirming his resignation.
The Board of Directors of FCA, “expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.” Marchionne was key, of course in saving Chrysler and from bankruptcy by taking into a successful merger.
That’s amore! Ram Truck profits.
FCA and Ferrari stock were slightly affected by the sad news (FCA -0.34%@$18.98; Ferrari -2.5%@ $136.49). The down-tick at Ferrari is also possibly attributable to Sebastian Vettel’s crash-out at the Formula One race in Hockenheim on lap 52 of 67 when a short rain shower appeared, which moved Ferrari’s maker’s and driver’s titles to second place, and worse, ceding first place to the silver arrows of arch-rival Mercedes-Benz. Continue reading