LI BUSINESS A31
SERGIO MARCHIONNE,1952-2018 LI People CEOwho savedFiat,Chrysler dies BUSINES LI
ON THE MOVE S
The AssociatedPress BOARDS /ASSOCIATIONS SergioMarchionne,acharis- BonniePorzio of matic and demanding CEO West Hempstead, whoengineered twolong-shot general counsel at corporate turnaroundstosave Triumph Construc- bothFiatand Chrysler from tion Corp.inthe near-certain failure, died Bronx, has been Wednesday. He was66. elected to the board Theholding companyofItal- of directorsofPet ian automaker Fiat’s founders, Peeves in Woodbury. the Agnelli family, announced Marchionne died aftercompli- Dr.Irwin Klein of cationsfromsurgery in Zurich. Asharoken, aMelville At Fiat Chrysler Automobiles endocrinologist headquartersinthe Italian affiliated with North town of Turin, flags flewat ShoreUniversity half-staff, while in Rome the Hospital in Manhas- parliamentary committeefor set, has been elected laborand finance observed a as an at-large mem- minute of silence. ber of the NorthShoreUniversity “Unfortunately what we Hospital medical board. feared has come to pass,”Fiat heir John Elkann said. “Sergio
MichaelG.Barone Marchionne,man and friend, AP of Woodbury,manag- is gone.” Sergio Marchionne, seen atNYSEinOctober, died aftercomplicationsfromsurgery.Hewas 66. ing partner of Marchionne built the dys- Abrams Garfinkel functional companies intothe kind of resourcesbythe previ- munity.Evenwhen express- their people,” Elkann said Margolis Bergson in world’s seventh-largest au- ous owners.” ing doubts at his audacious over the weekend. “Hetaught Melville,has been tomaker, Fiat Chrysler Automo- Marchionne met most of his targets, theyshowedadmira- us thatthe onlyquestion named counsel to the biles, almost by personal force goals, even thoughattimes he tion forhis adept deal-mak- that’s worth asking oneself at NewYorkAssociation of will, livingonacorporate jet wasdoubtedbynearly every- ing.Thatincluded getting the endofevery dayis of MortgageBrokers in Mamaro- crossing the Atlantic to push one in the automobile busi- GM to pay$2billion to sever whether we have been able to neck. employees to accomplish what ness. Buthedidn’t live long ties with Fiat,key to relaunch- changesomething forthe bet- mostpeoplethought wasim- enough to completehis last ing the long-struggling Italian ter, whetherwehave been Neil B. Garfinkel of possible amid adevastating two: personallyhand over the carmaker,and the deal with able to makeadifference.” GreatNeck, amanag- global recession. reins of Fiat Chrysler Automo- the U.S. government to take It wasMarchionne’ssuc- ing partner at Marchionne,who wasItal- biles to ahand-picked protégé Chrysler withoutapenny cess in turning around apair Abrams Garfinkel ian and Canadian, hadrevived and layout plans fortransform- down in exchangefor Fiat’s of Swissbusinesses that drew Margolis Bergson in Fiat by 2009,whenhewas ingsupercar maker Ferrari. small-car technology. the attention of the Agnelli Melville,has been picked by the U.S. govern- Marchionne hadsurgery As Marchionne’s health family. He joined Fiat’sboard appointed member of ment to save U.S.-based on his rightshoulder last failed followingsurgery,a in May2003,four months the Real EstateBoard Chrysler from its trip through month, and the company clearlyemotional Elkann de- after the death of Gianni Ag- of NewYork in Albany. bankruptcy protection after said last weekend thatcom- liveredwhatamounted to an nelli. He became CEO in June being owned by aprivate eq- plications meanthewould impromptu eulogy and mes- 2004, following the death of UTILITIES uitycompany. not be able to return. No de- sage of gratitude to aman he Gianni Agnelli’s brother,Um- “It’s highlyunlikelythat tails were released. called his mentor. berto, Fiat’s chairman, leaving Elizabeth K. Chryslerwould exist today Themanager,known for “He taught ustothink dif- afamilyvoid in the company. Vassallo of Miller hadhenot takenthatgam- his folksy, colorful turns of ferentlyand to have the Marchionne wasdivorced. Place, acting chief ble,”said Autotrader.com ana- phrase and forhis darkcash- couragetochange, ofteninun- He is survivedbyhis com- financial officerat lyst Michelle Krebs. “The mere sweaters no matterthe conventional ways,alwaysact- panion, Manuela Battezzato, the SuffolkCounty companywas in such bad occasion, wasthe darling of ing with asense of responsi- and twogrown sons, Alessio Water Authority in shape, being stripped of any the automotive analystcom- bility forthe companies and and Tyler. Oakdale,has been ne appointed chief ws
financial officer. da
—DIANE DANIELS NYCB INCOME DIPS, REGULATORY EASING PAVESWAY FORGROWTH y. com
Westbury-based NewYork institution,” or SIFI. Abank cent from the same period a READ MORE CommunityBancorp said is designated aSIFI by regu- year ago. NEWSD Seewho else Wednesday its second-quar- lators if its failurewould “Withthe SIFI threshold in- ternet incomefell 7percent cause significant disruption creasedto$250billion, we ex- AY has anew position to $107.4 million. to the economy. pect continued loan growth ,T newsday.com/onthemove NYCB is the largest bank Butthatthreshold wasre- going forward,” Ficalorasaid. HURSD based on Long Island, with centlylifted, which has Thebank also reported de-
$50.5 billion in assets. helpedthe bank begin to positsof$29.6 billion, up 2 AY Thebank said thatuntil re- grow assets, said Joseph R. percent from the year prior. ,J UL Y2
Send submissions and RD SCHNAPP cently, it hadrestricted its Ficalora, the president and NYCB shares fell nearly 8 ,2018 6,
color headshotsto WA balancesheet growth to stay CEO at NYCB. percent Wednesdaytoclose at
peopleonthemove HO belowthe $50 billion thresh- NYCB said its held-for-in- $10.52.The shares aredown19 @newsday.com Joseph Ficalora, CEOofNew old forbeing deemed a“sys- vestment loan portfolioto- percent from ayearago. York Community Bancorp temicallyimportant financial taled $39.4billion, up 6per- —DAVID REICH-HALE