Fiat Chrysler’s Sergio Marchionne dies after complictions from surgery

Replaced as CEO of Fiat Chrysler Automobiles (FCA) as well as his Ferrari positions at the weekend, a statement issued by Exor - holding company for the Agnelli family - today announced Marchionne's passing.

It emerged that Fiat Chrysler CEO Sergio Marchionne's successor was far from settled.

The Chrysler deal was part of a long-standing campaign Marchionne had waged to spur consolidation in the auto industry, which he claimed had far too much capacity for all players to survive.

FCA has said Manley will work to ensure a "strong and independent" future for the group.

"Sergio created a remarkable legacy in the automotive industry", Mary Barra, chairman and CEO of General Motors said in a statement.

Discussing how he changed the culture at Chrysler, Marchionne said in 2013 that he believed if a business has become dysfunctional, "the real problem sits at the top" - so, he added, "we changed all of the senior leadership of Chrysler within a matter of a couple of days".

Born in Italy, Marchionne's family emigrated to Canada when he was 13, and he had dual-citizenship. He was due to step down at FCA in April next year.

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Under Marchionne's guidance, Fiat Chrysler has enjoyed huge gains in its long-popular Jeep brand, and it built on the Dodge Challenger (reintroduced in 2008) to become a player in the resurgent muscle vehicle market.

And the Italian passed away on Wednesday, John Elkann, his replacement as chairman, confirmed.

Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking.

Retaining dual Canadian and Italian citizenship, Marchionne, who qualified as a chartered accountant and attorney, began his career with Deloitte & Touche.

Former Italian Prime Minister Silvio Berlusconi: "With Sergio Marchionne, Italy loses not only the most brilliant of its managers, but one of the symbolic figures of our country". Our thoughts are with Manuela, and his sons Alessio and Tyler.

Marchionne, a workaholic who often slept on a sofa aboard a plane as he traveled regularly to steer Fiat Chrysler, was a heavy smoker and espresso drinker until quitting both about a year ago.

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