Former Fiat Chrysler CEO Sergio Marchionne Dies At 66

(RTTNews) - The former chief executive of automotive giant Fiat Chrysler, Sergio Marchionne, has died in hospital in Zurich aged 66.

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

Marchionne, who was also Ferrari's chairman, had led the combined company for more than a decade and planned to step down next year.

Marchionne has been succeeded by Mike Manley, head of the Italian-American firm's Jeep division.

Exor SpA, the company that controls Fiat Chrysler, on Wednesday announced the passing of Sergio Marchionne?.

chairman John Elkann 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."