Long-time FCA and Ferrari chief Sergio Marchionne has died, days after relinquishing his roles after his health rapidly worsened.
Marchionne took over as the boss of Fiat in 2004 and was widely credited with rejuvenating its fortunes, and that of Chrysler, becoming a powerful figure within the automotive industry.
Marchionne became an influential player in Formula 1 after he was appointed as Chairman and Chief Executive of Ferrari in 2014, as a replacement for long-standing chief Luca di Montezemolo.
Marchionne represented Ferrari in its negotiations with Formula 1 chiefs over the future direction of the sport, and threatened to withdraw the manufacturer if it felt terms were unsatisfactory.
Marchionne was set to stand down from his multiple roles next April but on Saturday FCA called a meeting, where it was revealed that the Italian-Canadian’s health had rapidly deteriorated.
Ferrari appointed John Elkann as its new Chairman with a recommendation that Louis Camilleri be appointed as Chief Executive, giving the latter powers to continue day-to-day running of the company.
On Wednesday, Exor NV, the holding company of Fiat’s founding Agnelli family, confirmed the passing of Marchionne at the age of 66.
“Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone," Elkann said.
“I believe that the best way to honour his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion.
“My family and I will be forever grateful for what he has done.”
Obituary: Sergio Marchionne 1952 – 2018
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