The former CEO was pivotal in spearheading the turnaround of Chrysler at the turn of this century, says Bloomberg. In 2003 he was handed control of the automaker, who at the time had lost more than $7 billion. By 2005, Marchionne had brought the company back to making a profit through a series of alliances, layoffs, and introducing new models. He also shortened the time it took to get a new car from conception to market from four years to just 18 months.
Marchionne’s death was confirmed on Wednesday days after he was replaced as CEO. While a cause of death hasn’t been confirmed, Bloomberg says Marchionne’s health had rapidly deteriorated after complications from shoulder surgery.