Former CEO of Scuderia Ferrari and Fiat Chrysler, Sergio Marchionne has died age 66.
His death was confirmed on Wednesday 25th July by Exor NV, the holding company of Fiat’s founding Agnelli family, just days after Ferrari and Fiat Chrysler announced he would be stepping down due to his illness. The Italian’s health had declined following complications from a shoulder surgery.
His roles were replaced by Louis C. Camilleri as CEO of Ferrari with John Elkann stepping up as chairman.
Marchionne has played a critical role in reviving the Fiat Group with partnership with American automaker Chrysler, forming Fiat Chrysler as one of the largest automobile corporations in the world. In 2003, Marchionne helped Fiat recovered after a disastrous 2003, where the car company announced a $6 billion loss. He helped them recover by partnering with General Motors, laying off workers, introducing new car models and slashing off time to get a new car on the market in just 18 months.
Marchionne replaced Luca di Montezemolo as CEO of Ferrari in 2014 and has helped the Italian team in Formula 1 back into race winners and championship contenders with the help from team principal Maurizio Arrivabene, and their drivers of Sebastian Vettel and Kimi Räikkönen. He also played a role in returning Alfa Romeo back into the sport as a title sponsor to the Alfa Romeo Sauber F1 Team.
Marchionne died in Zurich, Switzerland at the age of 66 years old. He leaves behind his partner Manuela Battezzato and two children. He has been honoured by the Italian Prime Minister Giuseppe Conte