gbuff

https://www.formula1.com/en/latest/h...1952-2018.html

USGooner

+1

boisenelson

+2

seanseidman

Very Sad
UPDATE 1-Swiss hospital says it treated former Fiat Chrysler CEO Marchionne for more than a year
Reuters12:17 PM Eastern Daylight Time Jul 26, 2018 (Adds no immediate comment from Exor)
ZURICH, July 26 (Reuters) - Former Fiat Chrysler <FCHI.MI>
Chief Executive Sergio Marchionne was having treatment for a
serious illness for more than a year before his death on
Wednesday, University Hospital Zurich (USZ) said on Thursday.
"Mr. Sergio Marchionne was a patient at USZ. Due to serious
illness, he had been the recipient of recurring treatment for
more than a year," the hospital said in a statement.
"Although all the options offered by cutting-edge medicine
were utilized, Mr. Marchionne unfortunately passed away."
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 on Wednesday.
[See Story]
Marchionne had fallen gravely ill after what the company had
described as shoulder surgery at a Zurich hospital. He was
replaced as chief executive last weekend after Fiat Chrysler
(FCA) said his condition had worsened.
University Hospital Zurich declined to comment on
Marchionne's illness, but said it deeply regretted his death and
expressed its condolences to his family.
Fiat Chrysler had no immediate comment. Exor <EXOR.MI>, the
holding company of the Agnelli family which holds controlling
stakes in FCA and Ferrari <RACE.MI>, both led by Marchionne
until last Saturday, could not immediately be reached for
comment

LuigiVampa

If they hid his condition for over a year it sounds like the board breached its fiduciary duty to its shareholders. When you run a company that size you do not get the same level of privacy most people have and there is a duty to disclose events which could impact share value.

seanseidman

correct, the shares have been coming down on the news

seanseidman

UPDATE 2-Fiat Chrysler says it did not know about Marchionne's illness
Reuters2:04 PM Eastern Daylight Time Jul 26, 2018 (Rewrites, adding comment from Fiat Chrysler)
ZURICH, July 26 (Reuters) - Fiat Chrysler <FCHI.MI> said it
knew nothing about the medical condition of Sergio Marchionne
after a Swiss hospital said on Thursday it had been treating the
deceased chief executive for more than a year.
"Due to medical privacy, the company had no knowledge of the
facts relating to Mr. Marchionne's health," a Fiat Chrysler
spokesman said.
Questions have been raised about how long Marchionne, who
died on Wednesday, was ill and how much the company knew before
it made the situation public.
Marchionne rescued Fiat and Chrysler from bankruptcy after
taking the wheel of the Italian carmaker in 2004 and he
multiplied Fiat's value 11 times through 14 years of canny
dealmaking. He was due to step down at FCA in April next year.
"The company was made aware that Mr. Marchionne had
undergone shoulder surgery and released a statement about this,"
the spokesperson said.
"On Friday July 20, the Company was made aware with no
detail by Mr. Marchionne's family of the serious deterioration
in Mr. Marchionne's condition and that as a result he would be
unable to return to work. The Company promptly took and
announced the appropriate action the following day."
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 on Wednesday.
[See Story]
University Hospital Zurich said earlier on Thursday
Marchionne had been having treatment for a serious illness for
more than a year before his death.
Marchionne had fallen gravely ill after what the company had
described as shoulder surgery at a Zurich hospital. He was
replaced as chief executive last weekend after Fiat Chrysler
(FCA) said his condition had worsened.
"Mr. Sergio Marchionne was a patient at USZ. Due to serious
illness, he had been the recipient of recurring treatment for
more than a year," the hospital said in a statement.
"Although all the options offered by cutting-edge medicine
were utilized, Mr. Marchionne unfortunately passed away."
University Hospital Zurich declined to comment on
Marchionne's illness, but said it deeply regretted his death and
expressed its condolences to his family.

LuigiVampa

C'mon! With the security team he must have they didn't know where he was going for a year? I smell a shareholder lawsuit.

seanseidman

+1

Veloce Raptor

Agree on the lawsuit *** covering.
Disagree on the other. European top tier security details tend to be much more loyal to their protectee than in the US, and are often hand selected by the protectee and his or her family.

LuigiVampa

I don't pretend to know a lot about the differences in security details but I do know in both instances the company is paying for the security, as well as the planes. Sounds like they willingly turned a blind eye.

I admit, pure speculation on my part, but wonder why the WSJ and other news organizations, have not mentioned the lack of transparency.

gbuff

Doesn't surprise me a bit, these being Italians And this coming from an Italian-American.....reminds me of a 1960s espionage movie

Gary