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Former Ferrari chairman and CEO Sergio Marchionne passes away

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Former Ferrari chairman and CEO Sergio Marchionne passes away
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Jul 25, 2018, 7:50 PM

Former Ferrari chairman and CEO Sergio Marchionne has passed away at the age of 66.

Former Ferrari chairman and CEO Sergio Marchionne has passed away at the age of 66.

Marchionne had been in hospital for shoulder surgery, but complications meant that his health deteriorated quickly, with some reports suggesting that an embolism had led to a coma, and Fiat brought forward their succession plan.

It was announced that John Elkann would become chairman of Ferrari, and Louis C Camilleri be named as CEO.

Today, John Elkann, the grandson of former Fiat boss Gianni Agnelli and who replaced Marchionne as FCA Chairman over the weekend of the German Grand Prix, issued a statement which said: “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.”

“My family and I will be forever grateful for what he has done. Our thoughts are with Manuela, and his sons Alessio and Tyler. I would ask again everyone to respect the privacy of Sergio’s family.”

Marchionne masterminded the turnaround of financial fortunes of both Fiat and Chrysler before becoming chairman of Ferrari in 2014, replacing Luca di Montezemolo.

He became heavily involved in the decision-making within the team and became a central figure in the background discussions about the future of the sport. He also encouraged the current Sauber/Alfa Romeo deal.

Formula One pays tribute

Chase Carey, Chairman and CEO of Formula 1, offered his condolences and described Marchionne as a "great leader".

“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.”

FIA president Jean Todt added:

"It is with great sadness that I learned that Sergio Marchionne tragically and unexpectedly passed away. Sergio achieved a colossal amount for the automotive industry and motor sport worldwide. He dedicated himself fully to turn around the FIAT-Chrysler group and put all his energy to bring Scuderia Ferrari back to the top.

"He was an endearing, upstanding and brave man, an unconventional and visionary leader. He was an eminent member of the FIA F1 Strategy Group and of the FIA High-Level Panel for Road Safety. His death is a considerable loss.

"On behalf of the entire FIA community, all my thoughts go out to his family, his friends and his Ferrari and Fiat-Chrysler group teams".

Drivers presently and formerly associated with Ferrari shared their condolences on social media:

Sad news. Rest In Peace.

A post shared by Charles Leclerc (@charles_leclerc) on Jul 25, 2018 at 4:48am PDT

By: Luke Murphy

All images: Motorsport Images
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Series Formula 1
Author Luke Murphy
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