Former Ferrari chairman and CEO Sergio Marchionne has passed away at the age of 66, just days after the company announced a succession plan.
Marchionne had entered hospital for a shoulder operation, but after surgery his condition deteriorated rapidly, with reports suggesting that an embolism had led to a coma.
On July 21 Ferrari reported that it had “learned with deep sadness during its meeting today that chairman and CEO Sergio Marchionne will be unable to return to work.” It was announced that John Elkann would become chairman, and Louis C Camilleri was named as CEO.
In a statement issued on Wednesday Elkann, the grandson of former Fiat boss Gianni Agnelli, said: “Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone.
“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.”
Formula One CEO Chase Carey has led racing’s tributes to former Ferrari president Sergio Marchionne, who died on Wednesday.
Marchionne, who was 66, died after complications from surgery in Zurich.
“We are deeply saddened by the passing of Sergio Marchionne,” said Carey. “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.”
Marchionne, who was Italian and Canadian, replaced Luca di Montezemolo at the head of Ferrari in 2014 — with the famous Italian scuderia a fading force in the sport.
Ferrari was the most successful team in F1 but won the last of its 16 constructors titles in 2008.