Fiat had ‘no knowledge’ of CEO’s illness
NEW YORK • The shock revelation by a Zurich hospital that Sergio Marchionne had been seriously ill for more than a year raised the obvious question: How could a chain-smoking workaholic disguise it from senior colleagues?
Fiat Chrysler Automobiles said on Thursday it had “no knowledge of the facts” relating to the health of its former chief executive officer in the period leading up to a shoulder surgery this summer and his subsequent death on Wednesday.
“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,” Fiat Chrysler said.
The automaker “promptly took and announced the appropriate action the following day.”
The Italy-born Canadian’s unexpected death and the lack of information released by Fiat Chrysler have generated media speculation about how much the company knew and what it should have disclosed.
He was seriously ill for more than a year before he died, according to University Hospital Zurich. His condition had not been made public to shareholders of the companies he ran, including Fiat Chrysler and Ferrari SpA.
Marchionne’s family confirmed by email that the companies weren’t told of his health conditions until late last week when they were notified he wouldn’t return to work.
He continued to run the companies with a relentless schedule, including leading the formation of a new fiveyear plan for Fiat Chrysler, which was presented June 1.
The hospital said Thursday it had broken protocol and addressed Marchionne’s illness to dispel “rumours in the media” about his medical treatment.
“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.”
Reports in the Italian media this week suggested that Marchionne was suffering from cancer. People close to the late executive, however, told Bloomberg News that this was untrue, declining to go into more detail about his condition.