Former Fiat Chrysler CEO and Ferrari President Segio Marchionne has died in Zürich, Switzerland on 25 July following serious complications from a recent surgery.
FCA Chairman John Elkann who is part of the Agnelli family, confirmed in a statement that the Canadian-Italian passed away in Switzerland.
"It is with the deepest sadness that EXOR has learned of the passing of Sergio Marchionne.”
“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."
The Chieti-born businessman was replaced as CEO of Fiat-Chrysler and Ferrari last weekend after his conditions had worsened following complications during surgery in a Zürich hospital.
Chase Carey, Chairman and CEO of Formula 1, described Marchionne as “both a leader and a friend.”
“We are deeply saddened by the passing of Sergio Marchionne,” he added. “He was a great leader of not just Formula 1 and the automobile world, but the business world overall.
“He led with great passion, energy and insight, and inspired all around him. His contributions to Formula 1 are immeasurable. He was also a true friend to all of us and he will be deeply missed. At this difficult time we extend our deepest sympathies to his family, friends and colleagues.”
Born in Italy, he and his family emigrated to Toronto, Canada at the age of 13. As a result, he spoke fluent English, French and Italian. He completed his undergraduate studies in philosophy in Toronto, then earned a Bachelor of Commerce and finally a law degree.
He worked his way up the ladder, from an accountant and tax specialist in Canada, he became Chief Financial Officer at Acklands Ltd. He then became Chief Executive Officer at Algroup in Zürich. In the meantime, he was elected as an independent member of the Board of Directors of Fiat S.p.A. in May 2003, until being appointed CEO in 2004.
Marchionne was widely recognized for turning around Fiat Group to become one of the fastest growing companies in the auto industry. Under his leadership, Fiat and Chrysler officially merged in 2014. In recent years, he was Chairman of CNH Industrial, Ferrari, Maserati and Fiat-Chrysler Automobiles.