Connect with us

Hi, what are you looking for?

Stocks

A Sad Day For Fiat Chrysler

Sergio Marchionne, one of the most renowned and respected CEOs of the car-making industry has passed away at the young age of 66. Marchionne was the ex-CEO of Fiat Chrysler, who fell ill after a shoulder operation he had in a Zurich hospital. His conditioned worsened so quickly that he was replaced with former Jeep division ahead Mike Manley as the new CEO. It was reported that Marchionne was planning on stepping down next April.

The American-Italian carmaker was saved by Marchionne in 2004. Fiat Chrysler was on its way to bankruptcy before he saved company. In the 14 years he served as CEO, Marchionne increased the value of the Fiat brand 11-fold, leaving it as the seventh largest carmaker in the world. The company plans on honoring Marchionne by continuing upon the foundation and legacy he left behind for the company. Marchionne outlined a new mid-term strategy in June that Fiat will be following for their next quarter.

While many are memorializing Marchionne, the stock and value of the Fiat Chrysler brand coincidentally fell just hours after his death. Market shares dropped 10 percent once Fiat Chrysler reported net revenues around 10 billion euros less than analysts had predicted. The company is citing disappointing sales in China for its lackluster quarter 2 report. According to Wochit Business, “net income for the quarter fell 35 percent to $881.9 million.”

With so much happening, its going to be hard for new CEO Mike Manley to grab the reins on this auto giant and help steer it back on the path of success.

You May Also Like

News

Peloton, known for their stationary exercise bikes and treadmills, has faced significant financial challenges over the past year. The company experienced a surge in...

News

Amid the ongoing global supply chain challenges, many retailers in the United States are grappling with surplus seasonal stock, leading to increased storage costs...

News

With the continuous increase in gas prices, a decrease in consumer confidence, and the ongoing conflict in Ukraine, the European economy faces significant challenges....

News

As the demand for electric vehicles grows and the push for environmental sustainability increases, automakers are gearing up to focus more on the development...

News

Today, Brian Armstrong, the CEO of Coinbase, conveyed to his team through a company-wide email that due to declining stock and crypto values and...

News

Recently, Peiter “Mudge” Zatko, a former cybersecurity specialist at Twitter, published a whistleblowing document on the platform. Zatko highlighted several security issues with Twitter,...

News

Zelle is a popular peer-to-peer payment service that allows individuals to send and receive money, similar to apps like Venmo. It is widely used,...

News

Recently, after Chinese President Xi Jinping secured a third term, there was a sharp decline in the stock market in Hong Kong. Investors became...