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What was Sergio Marchionne’s Net Worth and Salary?
Sergio Marchionne was an Italian Automotive businessman who had a net worth of $600 million on the time of his loss of life in 2018. Before he died, Sergio Marchionne was the CEO of each Fiat and Chrysler. At the time of his loss of life, Sergio owned round $500 million value of shares of Fiat Chrysler, Ferrari and CNH Industrial.
Salary and Compensation
In a typical 12 months, Sergio was paid a base wage of $11 million. That quantity might develop considerably with bonuses. For instance, in 2014 Sergio earned a complete of $72 million after overseeing a 61% improve in Chrysler’s share worth. In the earlier 12 months he earned round $30 million. Over the years he was additionally awarded inventory grants that finally totaled round 1% of Fiat by the point he died.
In July 2018, Sergio out of the blue stepped down from his place on account of well being points. Unfortunately he died on July 25, 2018 on the age of 66.
Early Life
Marchionne was born on June 17, 1952 in Chieti, Abruzzo, Italy. He was the son of Concezio Marchionne and Maria Zuccon. His family emigrated to Toronto, Canada when Marchionne was 13 years outdated and he turned a dual-citizen. He attended St. Michael’s College School after which studied philosophy on the University of Toronto. He then earned a bachelor’s diploma and an MBA from the University of Windsor in addition to a legislation diploma from Osgoode Hall Law School of York University.
Early Career
In 1983, Marchionne labored as a tax specialist for the corporate Deloitte & Touche in Canada. He remained within the place till 1985 when he transitioned to work on the Lawson Mardon Group till 1988. In 1989, he turned the Executive Vice President at Glenex Industries earlier than transferring to Acklands Ltd., the place he held the same place. He then returned to the Lawson Group in 1992 and remained there whereas it was acquired by Algroup in 1994. He then moved to Zurich to work on the headquarters of Algroup and have become Chief Executive Officer of the corporate in 1997. He stayed with Algroup till 2000, when he took the lead place of the Lonza Group in Basel, remaining there till 2002. He then turned the CEO and Managing Director of SGS S.A. of Geneva.
Fiat
In May of 2003, he was elected as an unbiased member of the Board of Directors of Fiat S.p.A. He then was appointed Fiat’s CEO in 2004. In June of 2009, Chrysler was rising from Chapter 11 chapter. The Fiat Group acquired a 20% stake within the Chrysler Group and Marchionne was appointed the CEO, changing Robert Nardelli. In July of 2011, after Fiat bought the possession pursuits in Chrysler held by Canada and the US Treasury, Fiat’s absorb Chrysler elevated to 53.5%. Marchionne was shortly after elected Chairman of Chrysler and oversaw the official merger of Chrysler and Fiat in August of 2014.
Marchionne is basically credited with serving to restore Fiat-Chrysler’s credibility and profitability. He earned a status for being fairly blunt in his administration type and making ruthless choices with a purpose to accomplish his enterprise targets. After taking up the corporate in 2014, he fired high-ranking managers instantly with a purpose to tackle inner management points inside the firm. He targeted on overhauling the administration construction of the corporate with a purpose to scale back the layers of managers, permitting him a extra direct view of what was taking place within the numerous departments of the corporate.
Marchionne acquired a lot of honors all through his profession. He was the recipient of a quantity honorary levels from faculties just like the Polytechnic University of Turn, the University of Toledo, and the University of Windsor. In 2011, he was awarded The Deming Cup for operational excellence by Columbia Business School. The identical 12 months, the Business Council for International Understanding honored him with the Dwight D. Eisenhower Leadership Award.
After bringing the corporate by means of very difficult occasions, Marchionne in the end resigned from all his positions in July of 2018, following severe issues from a surgical procedure he had underwent.
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Personal Life and Death
Marchionne typically saved his private life out of the general public eye. However, he was married to a lady named Orlandina in his adolescence. The couple had two songs collectively, Alessio and Tyler. After divorcing his first spouse, Marchionne started a relationship with Manuela Battezzato. The couple remained collectively till Marchionne’s loss of life.
Similar to Steve Jobs, Marchionne is thought for adopting a piece “uniform” of black sweaters and denims in an effort to cut back the quantity of thought he needed to give to his wardrobe. He saved provides of those items in all of his residences. He additionally was well-known for smoking a copious quantity of cigarettes, remaining a chain-smoker till his loss of life.
Marchionne’s final public look was on June 26, 2018 in Rome, when he offered a Jeep to Italy’s army police. Fiat-Chrysler then introduced that Marchionne had taken medical go away to undergo a shoulder surgical procedure on the University Hospital of Zurich. They introduced on the day of the surgical procedure that he wouldn’t be returning to his place on account of post-surgery issues. After present process different severe issues, Marchionne died on July 25, 2018 on the age of 66. While experiences about his actual explanation for loss of life range, some report that the issues he suffered after the surgical procedure had been associated to an underlying most cancers. According to the hospital, Marchionne had been handled for a severe sickness throughout the previous 12 months, which was confirmed by members of his family. He had saved his sickness quiet, as Fiat-Chrysler was unaware of his well being situation till simply weeks earlier than his loss of life.
Following his loss of life, many tributes had been made to Marchionne, in Europe and North America. The Instituto Sergio Marchionne High School was opened in Amatrice, Italy in November of 2019 by John Elkann, the CEO of Ferrari, to honor Marchionne’s legacy. He additionally was named the 2019 World Car Person of the Year on the Geneva Motor Show in March of 2019 and was inducted into the Automotive Hall of Fame in July of 2019.
All web worths are calculated utilizing knowledge drawn from public sources. When supplied, we additionally incorporate non-public suggestions and suggestions acquired from the celebrities or their representatives. While we work diligently to make sure that our numbers are as correct as doable, until in any other case indicated they’re solely estimates. We welcome all corrections and suggestions utilizing the button under.
