snow pea Posted July 24, 2018 Share Posted July 24, 2018 Well, he was planning to retire soon anyhow. I don't think reading implications on his long term health from the acceleration of transitions that were going to occur within the next few months makes much sense. But I could just be overly hopeful regarding his health. Link to comment Share on other sites More sharing options...
merkhet Posted July 24, 2018 Share Posted July 24, 2018 A few articles that I've read have indicated that Marchionne is in the ICU, which is why they decided against an interim CEO. I, too, hope he ends up pulling through. Link to comment Share on other sites More sharing options...
Spekulatius Posted July 24, 2018 Share Posted July 24, 2018 What are you guys doing with your stock with Marchionne out? Any changes? Wait and see first? I wouldn't do anything here... not having Marchionne will impact the business for certain, but the bench is deep and the targets have already been set. Maybe the next round of leaders don't have the same vision, but I don't think it changes the execution of the current plan? The Magneti Marelli spin is in process of digestion... Benches can clear out quickly after a sudden lead ship change. Altavilla us gone already and I think we will see more departures. Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted July 25, 2018 Share Posted July 25, 2018 It’s interesting (for lack of a better word) is that they made what sounds like a permanent decision to replace him. It seems to imply that he’s not going to survive. Otherwise, I’m not sure why they wouldn’t have announced an interim CEO. They’re not being very transparent. Either way, I hope he’s able to pull through. The tell is that they replaced him at Ferrari too. Not at all surprised that they'd accelerate the process a bit at FCAU around health complications, but he was intended to remain the CEO of Ferrari which suggests this may be serious :/ What are you guys doing with your stock with Marchionne out? Any changes? Wait and see first? I wouldn't do anything here... not having Marchionne will impact the business for certain, but the bench is deep and the targets have already been set. Maybe the next round of leaders don't have the same vision, but I don't think it changes the execution of the current plan? The Magneti Marelli spin is in process of digestion... Benches can clear out quickly after a sudden lead ship change. Altavilla us gone already and I think we will see more departures. I'm hoping that's not the case. I had heard that there was disagreement between Machionne and Exor about the successor CEO at FCAU. My guess is, with Marchionne not able to argue about it, Exor named their candidate and Marchionne's (Altavilla) departed in response. I would think that the departure due to the regime change will be limited if the new CEO is any good at what he does. What are you guys doing with your stock with Marchionne out? Any changes? Wait and see first? Since I was expecting Marchionne to leave FCAU soon-ish anyhow, I'm holding. The new CEO is unlikely to change anything dramatic in the near term (i.e. operational improvements, net debt standing, credit worthiness/upgrades, spin-off, etc). Link to comment Share on other sites More sharing options...
RadMan24 Posted July 25, 2018 Share Posted July 25, 2018 They got the right guy. If they lose the CFO, that's a little more concerning, so hopefully they find ways to keep him around. Best wishes to Sergio and his fam. Link to comment Share on other sites More sharing options...
Sunrider Posted July 25, 2018 Share Posted July 25, 2018 It’s interesting (for lack of a better word) is that they made what sounds like a permanent decision to replace him. It seems to imply that he’s not going to survive. Otherwise, I’m not sure why they wouldn’t have announced an interim CEO. They’re not being very transparent. Either way, I hope he’s able to pull through. The tell is that they replaced him at Ferrari too. Not at all surprised that they'd accelerate the process a bit at FCAU around health complications, but he was intended to remain the CEO of Ferrari which suggests this may be serious :/ What are you guys doing with your stock with Marchionne out? Any changes? Wait and see first? I wouldn't do anything here... not having Marchionne will impact the business for certain, but the bench is deep and the targets have already been set. Maybe the next round of leaders don't have the same vision, but I don't think it changes the execution of the current plan? The Magneti Marelli spin is in process of digestion... Benches can clear out quickly after a sudden lead ship change. Altavilla us gone already and I think we will see more departures. I'm hoping that's not the case. I had heard that there was disagreement between Machionne and Exor about the successor CEO at FCAU. My guess is, with Marchionne not able to argue about it, Exor named their candidate and Marchionne's (Altavilla) departed in response. I would think that the departure due to the regime change will be limited if the new CEO is any good at what he does. What are you guys doing with your stock with Marchionne out? Any changes? Wait and see first? Since I was expecting Marchionne to leave FCAU soon-ish anyhow, I'm holding. The new CEO is unlikely to change anything dramatic in the near term (i.e. operational improvements, net debt standing, credit worthiness/upgrades, spin-off, etc). Having sat in one or two discussions about this type of stuff in a corporate, I’d point out that Boards are really quite restricted in what they can/cannot say in these situations. There’s the right to privacy that needs to be balanced with the rights to information for shareholders. I think it’s safe to say though that they do not believe Sergio would be fit to return to work soon. That does not mean never, but definitely, on balance, they thought it better to create clarity now rather than having to scramble if he suddenly died, as horrible as that may sound. Link to comment Share on other sites More sharing options...
bathtime Posted July 25, 2018 Share Posted July 25, 2018 Link to comment Share on other sites More sharing options...
Sunrider Posted July 25, 2018 Share Posted July 25, 2018 Shit I feel horrible now seeing the headline after just having posted the above. R.I.P. Link to comment Share on other sites More sharing options...
bathtime Posted July 25, 2018 Share Posted July 25, 2018 May you rest in peace, Sergio Marchionne. Link to comment Share on other sites More sharing options...
Shooter MacGavin Posted July 25, 2018 Share Posted July 25, 2018 RIP Sergio. Haven't come across a better business operator than him. First earnings call without him is about to start :'( Link to comment Share on other sites More sharing options...
longlake95 Posted July 25, 2018 Share Posted July 25, 2018 RIP Mr Marchionne. The world needs more like you. Link to comment Share on other sites More sharing options...
sleepydragon Posted July 25, 2018 Share Posted July 25, 2018 RIP Link to comment Share on other sites More sharing options...
zippy1 Posted July 25, 2018 Share Posted July 25, 2018 Rest in Peace.... Link to comment Share on other sites More sharing options...
merkhet Posted July 25, 2018 Share Posted July 25, 2018 This is a gut punch. As Adam Jonas said on today's call, "a light has gone out." RIP Sergio. Link to comment Share on other sites More sharing options...
Angelawang896 Posted July 25, 2018 Share Posted July 25, 2018 You will be truly missed Sergio! RIP. Link to comment Share on other sites More sharing options...
crastogi Posted July 25, 2018 Share Posted July 25, 2018 It's shocking and sad. RIP Sergio. I wonder how deep the bench is. Link to comment Share on other sites More sharing options...
Sportgamma Posted July 25, 2018 Share Posted July 25, 2018 RIP Sergio. Haven't come across a better business operator than him. First earnings call without him is about to start :'( If there ever was an occasion to use the term "irreplaceable"... They will need at least three exceptional human beings just to cover the basics. I wonder what kind of organizations he will be turning around at his next stop... Link to comment Share on other sites More sharing options...
Jurgis Posted July 25, 2018 Share Posted July 25, 2018 What kind of shoulder operation that was? :o https://en.wikipedia.org/wiki/Sergio_Marchionne Link to comment Share on other sites More sharing options...
Shooter MacGavin Posted July 25, 2018 Share Posted July 25, 2018 What kind of shoulder operation that was? :o https://en.wikipedia.org/wiki/Sergio_Marchionne seems like it was a cancer surgery which may have caused a stroke. https://www.detroitnews.com/story/business/autos/chrysler/2018/07/24/report-former-fca-ceo-sergio-marchionne-coma-after-stroke/829974002/ Link to comment Share on other sites More sharing options...
sjh Posted July 25, 2018 Share Posted July 25, 2018 RIP Sergio. He has built a very strong company and we should honor his legacy by adding to our FCA positions, not by selling them. The current sell-off doesn't do justice to the financial strength and the long term vision he has engrained into the company. Link to comment Share on other sites More sharing options...
Parsad Posted July 25, 2018 Share Posted July 25, 2018 Very sad indeed! I know Mohnish also categorized Sergio as one of the best CEO's in history. Link to comment Share on other sites More sharing options...
Voodooking Posted July 25, 2018 Share Posted July 25, 2018 Security Ticker % Portfolio Fund Investor Fiat Chrysler Automobiles N.v. FCAU 84.92 Mohnish Pabrai Mohnish Pabrai Fiat Chrysler Automobiles N.v. FCAU 19.54 Aquamarine Capital Management Guy Spier Fiat Chrysler Automobiles N.v. FCAU 7.03 Towle & Co Woody and Chris Towle Fiat Chrysler Automobiles N.v. FCAU 4.49 Sequoia Fund Ruane, Cuniff & Goldfarb Fiat Chrysler Automobiles N.v. FCAU 3.55 Tiger Global Management LLC Chase Coleman Fiat Chrysler Automobiles N.v. FCAU 2.03 Highbridge Capital Management Glenn Russell Dubin Fiat Chrysler Automobiles N.v. FCAU 0.43 Gotham Asset Management Joel Greenblatt Fiat Chrysler Automobiles N.v. FCAU 0.24 AQR Capital Management Cliff Asness Fiat Chrysler Automobiles N.v. FCAU 0.11 Renaissance Technologies James Simons Fiat Chrysler Automobiles N.v. FCAU 0.11 Two Sigma Advisors David Siegel & John Overdeck Fiat Chrysler Automobiles N.v. FCAU 0.09 Maverick Capital Lee Ainslie Fiat Chrysler Automobiles N.v. FCAU 0.09 Soros Fund Management George Soros Fiat Chrysler Automobiles N.v. FCAU 0.03 Millennium Management Israel Englander Fiat Chrysler Automobiles N.v. FCAU 0.03 Perceptive Advisors Joseph Edelman Link to comment Share on other sites More sharing options...
Voodooking Posted July 25, 2018 Share Posted July 25, 2018 Sad news about Sergio. As you say, he was highly respected by Mohnish, and held in very high regard as a businessman. I notice that FCAU stock is down about 13% today, but earnings were also released, which by all accounts were a disappointment also. Given that the news regarding Sergio's ill health was already known for days, how much of this drop do you think is due to the poor earnings results, and how much should be attributed to the shock and emotion regarding his death? I don't currently have a position, but I am wondering if it is a wise entry point? I have considered this a couple of times, but the fact it is up so much over the past year or so already has put me off each time. I posted the information above from my "cloning" watchlist. I thought others here might have some interest in the other names in the stock. Please don't let the percentages fool you in all cases though, as Pabrai and Spier run most of their money outside the US, so only a small portion of it is represented by 13F filings. Link to comment Share on other sites More sharing options...
LC Posted July 25, 2018 Author Share Posted July 25, 2018 Wow, this is terrible news. By all accounts Sergio was a good man and will be missed. Rest in peace. Link to comment Share on other sites More sharing options...
ValueMaven Posted August 1, 2018 Share Posted August 1, 2018 does anyone have any interesting valuation analysis, or SOTP analysis that they can share here? This one is really starting to get interesting... Link to comment Share on other sites More sharing options...
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