It was my school days
(may be 1978 !) ~ I was standing in
front of my house – a Premier Padmini car passed by (those were the days when
automobiles were scarce and only rich and influential people owned them) – (was
that regn no. 5004 ??) – its driver was seated upright, pronounced mush, he
parked the car infront of my house, got down and went inside Sri Raghavendra
Temple - it was ‘cine star Rajnikant’ – I
was admiring the car more, we have seen come him a couple of times arriving in
a Priya scooter too !!
The car’s history
dates back to 1899 when at Palazzo
Bricherasio, the company charter of Società Anonima Fabbrica Italiana
Automobili Torino was signed. Among the members of the Board of Directors,
Giovanni Agnelli stood out in the group of investors and won recognition for
his determination and strategic vision. In 1902 he became the Managing Director
of the company. Premier Padmini was
manufactured in India from 1970 to 1998 by Premier Automobiles Limited, a
division of the Walchand Group, under license from Fiat. It gave
a run to the monopoly of Hindustan Ambassadors.
In June 2009, when
Chrysler emerged from Chapter 11 bankruptcy protection, Fiat Group received a
20% stake in Chrysler Group LLC and Marchionne was appointed CEO, replacing existing
CEO Robert Nardelli. Chapter 11 is a chapter of Title 11, the United States
Bankruptcy Code, which permits reorganization under the bankruptcy laws of the
United States. Chapter 11 bankruptcy is available to every business, whether
organized as a corporation, partnership or sole proprietorship, and to
individuals, although it is most prominently used by corporate entities. Marchionne last
appeared in public on June 26, in Italy, appearing fatigued as he presented a
Jeep to the Carabinieri, Italy’s military police. FCA subsequently announced
Marchionne had taken medical leave for shoulder surgery at the University
Hospital of Zürich in Switzerland — adding on the day of surgery he would not
return due to post-surgical complications. On July 21, due to the gravity of his
condition, Marchionne was replaced at FCA, Ferrari, SGS and CNH.
The automotive
industry lost an icon on 25.7.2018, as Fiat Chrysler Automobiles CEO Sergio
Marchionne passed away at age 66. He was extremely well known in the car
world. One among the many who worked
under him tweeted knowing as “The Sweater”, perhaps not so much for what he
wore but how anyone felt during a meeting with him. The stories about how hard
he worked are all true. However, he knew that being absolutely relentless was
the only way to turn the company around. He saved the company, jobs, and pensions of many of his employees.
Sergio Marchionne (1952-2018)
was an Italian-Canadian businessman who was the chairman of CNH Industrial, the
chief executive officer (CEO) of Fiat Chrysler Automobiles, the chairman and
CEO of FCA US LLC, the chairman and CEO of Ferrari, and the chairman of
Maserati. He was the chairman of Swiss-based SGS and vice chairman of UBS from
2008 to 2010, as well as the chairman of the European Automobile Manufacturers
Association for 2012 (first elected in January 2006). He was a member of the
Peterson Institute for International Economics, and the chairman of the Italian
branch of the Council for the United States and Italy.
Noted for his keen
observations of the automotive industry, Marchionne's insights ranged from
frank criticism of his company's own products to a highly-regarded 2015
presentation titled Confessions of a Capital Junkie, extolling the benefits of
industry consolidation. Marchionne was widely recognized for turning around
Fiat Group to become one of the fastest growing companies in the auto industry,
in less than two years. In 2009, he was
instrumental in Fiat Group forming a strategic alliance with the ailing US
automaker Chrysler, with the support of the U.S. and Canadian governments and
trade unions. Less than two years later, following its emergence from Chapter
11, Chrysler returned to profitability, repaying all government loans.
Following
complications from surgery, Marchionne resigned from all of his positions in
July 2018 and died a few days
later. The American business channel
CNBC described Marchionne as a "legend of automotive industry", while
the British newspaper Financial Times considered him as having been "one
of the boldest business leaders of his generation". After the passing away of the architect who
created Fiat Chrysler, many investors
are wondering what his loss will mean for the future of the company. The news that he was being replaced as chief
executive sent shares tumbling earlier this week. Recently, when the company published its second quarter
earnings, they were certainly disappointing - and exposed significant
challenges in China. The shares fell again - more dramatically this time. The
question is... would the reaction have been so strong if Mr Marchionne had
still been firmly in control?
He had been
planning to retire next year - and the new chief executive, Mike Manley, had
been widely tipped to succeed him.
Regards – S.
Sampathkumar
26th
July 2018.
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