Former Fiat Chrysler CEO Sergio Marchionne dies

Chrysler Group chief executive Sergio Marchionne

Former Fiat Chrysler (FCA) CEO Sergio Marchionne has died at the age of 66, according to a statement by the carmaker’s controlling family shareholder.

“It is with the deepest sadness that EXOR has learned of the passing of Sergio Marchionne,” FCA Chairman John Elkann, from the Agnelli family, said in a statement.

“Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone. I believe that the best way to honor 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.”

Marchionne was replaced as CEO of the carmaker last weekend and also stepped down from his dual role as CEO of Ferrari, the race car manufacturer spun off from Fiat more than 2 years ago. The company said at the time that his condition had worsened after he fell gravely ill following complications during surgery in a Zurich hospital.

In an emotional letter at the weekend, Elkann hailed Marchionne’s tenure, sought to reassure employees about the future, and rally them around newly appointed CEO Mike Manley.

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