Fiat Chrysler reported second-quarter operating profit below expectations on Wednesday, sending its shares down by as much as 14 percent as the carmaker cut its full-year outlook in response to a weaker performance in China.
"Sergio Marchionne made a significant mark on the automobile world - and motorsport - for many years". After attending St Michael's College school, he earned a degree in philosophy from the University of Toronto in 1978, then a degree in commerce (1979) and an MBA (1985) from the University of Windsor.
Marchionne engineered turnarounds to save both Fiat and Chrysler from near-certain failure.
Fiat Chrysler said yesterday that Mr Marchionne, its chief executive until Saturday, had succumbed to complications from shoulder surgery.
"We had our differences. but together we challenged the lazy little Italy that prefers to close factories rather than roll up their sleeves", said Marco Bentivoglio, general secretary of the CISL union's metalworkers branch, on hearing about Marchionne's illness.
John Elkann, chairman of Fiat Chrysler, ... "He will be remembered as an icon of the industry and will be missed by many who considered him a friend".
Our thoughts and prayers are with Marchionne's family during these troubled times.
Former Ferrari president Sergio Marchionne passes away aged 66
"It is with the deepest sadness that Exor has learned of the passing of Sergio Marchionne", it said in a statement. Those words were echoed in a similar tweet from Scuderia Ferrari. His partner, Manuela Battezzato, works in Fiat Chrysler's press office.
But it faulted him for having failed to negotiate with "an important sector of Italian workers", which it said created conflict and divisions that are still being felt.
At fia.com, FIA President Jean Todt, who led the Scuderia Ferrari Formula 1 team from 1994 to 2007, said "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 Ferrari back to the top.
This morning, there was no longer a need for speculation, as FCA announced that the man who led the Chrysler Group out of bankruptcy had died at the age of 66.
He was reportedly very vocal in Strategy Group meetings and other gatherings of F1's main players. Que vc esteja em um ótimo lugar Sergio!
The new executive head of Ferrari will be Louis Carey Camilleri, CEO of tobacco giant Philip Morris.
Marchionne was a visionary at a time when the auto industry was sorely in need of one.
The automaker has also been hit by a 22 percent sales drop in China through May of this year and is seen as unlikely to be able to raise prices to offset tariffs there on USA -made vehicles, especially its luxury Lincoln models.More news: Pogba finds it harder to focus at United - Mourinho
More news: How to help Branson duck boat victims and their families
More news: Tour de France stopped after pepper spray hits riders during roadside protest