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Fiat Chrysler's Marchionne dies, shares dive on profit slide

Updated : July 26, 2018 10:23 AM IST

Former Fiat Chrysler CEO Sergio Marchionne, who rescued the Italian and US companies and built them into the world's seventh-largest carmaker, has died, the news breaking moments before the group reported a heavy fall in profit on Wednesday.
The announcement of the death of Marchionne, 66, one of the auto industry's most tenacious and respected CEOs, drew tributes from rivals and tears from his closest colleagues, a collective grief that overshadowed a big sell-off in Fiat Chrysler shares.
As eulogies flooded in, FCA shares fell more than 16 percent as investors digested an unexpected 11 percent fall in adjusted operating profit, well below market forecasts.
Fiat Chrysler's Marchionne dies, shares dive on profit slide

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