Sergio Marchionne dies aged 66

FCA CEO Sergio Marchionne

Recently, he was replaced when his health worsened following complications from surgery on his right shoulder.

CEO Sergio Marchionne has died, aged 66. In fact, its board did meet the next day, when it named Michael Manley as the new CEO.

The hospital that treated Marchionne, who died on Wednesday, broke its silence on Thursday.

However, board member Louis Camilleri replaced him as chief executive of the supercar manufacturer, while John Elkann, who is the chairman of Fiat Chrysler, became the chairman of Ferrari as well.

"When Sergio Marchionne came to Detroit...he was impressed by the culture of the city and the arts", says Krebs. In doing so, Elkann followed Marchionne's wishes to appoint Manley his successor, two sources said. The moves, made as the companies announced second-quarter earnings, sent their shares down sharply. While investors are right to expect to be informed when a leader's future is at risk, "it's just very hard to judge when does that point come", he said.

"He dedicated himself fully to turn around the FIAT-Chrysler group and put all his energy to bring Ferrari back to the top". Exor, the holding company of the Agnelli family which holds controlling stakes in FCA and Ferrari, both led by Marchionne until last Saturday, could not immediately be reached for comment.

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Globetrotting CEO Marchionne, who took the helm of Fiat in 2004, was revered in the vehicle industry for transforming an Italian also-ran into a globe-spanning giant by taking over bankrupt Chrysler, and for creating shareholder value by spinning off Ferrari, among other units.

He added: "My family and I will always be grateful for what he has done".

At his last public appearance as CEO, in June, Marchionne attended a ceremony in Rome at which a Jeep was presented to the Carabinieri police.

Marchionne only stepped down from his role at Ferrari a few days ago due to health concerns. The bankruptcy of Chrysler gave him the opportunity to create a global auto company with brands including Jeep, Ram, Alfa Romeo, Ferrari and Maserati that he envisioned would grow to 6 million cars a year.

Ferrari began trading in NY in 2015. The company has not provided details on Marchionne's illness.

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