Fiat Group CEO Sergio Marchionne was unhurt in a road crash in Switzerland today which saw the Italo-Canadian's 620 bhp Ferrari 599 GTB Fiorano sports car reduced to scrap metal. Photos: ANSA.

Fiat Group CEO Sergio Marchionne was unhurt in a road crash in Switzerland today which saw the Italo-Canadian's 620 bhp Ferrari 599 GTB Fiorano reduced to scrap metal.

The accident occurred on the A1 highway around 30 kilometres south of Basel, according to two Swiss daily newspapers Blick and Aargauer Zeitung. The accident involved another car, and the Cantonal police issued a statement today saying that the 5999cc V12-engined Ferrari 599 GTB Fiorano was travelling at about 100 km/h just before the crash occurred.

Sergio Marchionne, who was born in 1952, was appointed CEO of the Fiat Group in 2004 and has been widely credited with masterminding the amazing turnaround of the troubled company, and in particular the automotive division, of which he also holds the CEO's position. In just three years, Group profits are rising and the share price is soaring, while the auto unit has recently produced a string of well received models, with the most recent market winner being exciting the Fiat 500. Marchionne, who is a Swiss resident, is also a board member of banking giant UBS.

With his 599 GTB Fiorano reduced to scrap Marchionne will need to use his influence to obtain a replacement, and he has just the leverage: Fiat owns Ferrari. However if he is unable to jump up the legendary lengthy Maranello waiting list he can take solace as he is due to take delivery of another potent supercar, this time the stunning V8-engined Alfa 8C Competizione, which is again built by another Fiat division, Alfa Romeo.