Former Ferrari Chairman and CEO Sergio Marchionne dead at 66

Former Ferrari Chairman

The former Ferrari Chairman and CEO Sergio Marchionne has died at the age of 66.

Formula 1 official website has reported the demise of one of the top Formula 1 executives.

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.”

Ferrari had recently announced that Marchionne was unable to return to work. John Elkann and Louis C. Camilleri were named to replace Marchionne as the Chairman and the CEO respectively.

Under Marchionne, Ferrari have once more risen to the top echelon of the Championship, having won four of the 11 races to date in 2018, and challenging for both the Drivers’ and Constructors’ titles.

Following the complications from a shoulder surgery last Saturday, Ferrari had announced that Marchionne being stood down with “profound sorrow” as the head of the Ferrari and Fiat-Chrysler companies. The holding company of the Fiat founding family said on Wednesday that Marchionne had passed away.

Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone,” said chairman John Elkann in a statement. “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.

“My family and I will be forever grateful for what he has done. Our thoughts are with Manuela, and his sons Alessio and Tyler.”