Ex-Ferrari boss Sergio Marchionne dies aged 66

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".

General Motors CEO Mary Barra, whom Marchionne tried unsuccessfully to persuade to enter into a merger, sent condolences to his family, friends and Fiat Chrysler colleagues and praised his "remarkable legacy in the automotive industry". He built the dysfunctional companies into the world's seventh-largest automaker.

"Our entire team at Renault-Nissan-Mitsubishi were saddened to learn of the death of Sergio Marchionne".

Born in Italy in 1952, he moved with his family to Canada when he was 13, completing his education there.

The formidable auto industry executive was responsible for the turnaround of Chrysler in 2009 when the United States carmaker emerged from Chapter 11 bankruptcy protection having received emergency funds from the U.S. government.

Complications arising from surgery on his shoulder had led to the Italian-Canadian being replaced as the head of Ferrari and Fiat-Chrysler companies last Saturday.

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FCA appointed Jeep head Mike Manley as Marchionne's successor, before the company's European head stepped down after being passed over for the promotion.

Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking.

Sergio Marchionne, who engineered turnarounds to save both Fiat and Chrysler from near-certain failure, has died. And many of us have lost a very dear friend: "Sergio Marchionne".

Under the best of circumstances, Marchionne's pending departure presented Fiat Chrysler with a major void to fill. At the time, the company had been hemorrhaging billions of dollars annually.

But a health crisis that left 66-year-old Marchionne incapacitated in a Swiss hospital set off a transition last week that was sudden and rushed, banking and industry people familiar with the matter said.

Marchionne is survived by his partner, Manuela Battezzato, his estranged wife, Orlandina and his two children, Alessio and Tyler.

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