Fiat boss Sergio Marchionne dies four days after stepping down

Sergio Marchionne, the CEO of Fiat Chrysler Automobiles and Ferrari, has passed away at 66.

FCA Chairman John Elkann: The Agnelli family scion and Marchionne's boss praised his mentor's "values of humanity, responsibility and open-mindedness", adding, "My family and I will always be grateful for what he has done". Brit Mike Manley replaced Marchionne as Fiat Chrysler CEO only last week, as the Italian's health worsened following surgery on his shoulder.

Marchionne suffered an embolism while undergoing an operation for an invasive shoulder sarcoma and suffered irreversible damage to his brain function, an Italian business website reported Tuesday. Sergio created a remarkable legacy in the automotive industry.

He was handpicked by the USA government to save Chrysler and is credited with turning the dysfunctional companies into the world's seventh-largest automaker.

Born in Italy, Marchionne's family emigrated to Canada when he was 13, and he had dual-citizenship.

The formidable auto industry executive was responsible for the turnaround of Chrysler in 2009 when the United States carmaker emerged from Chapter 11 bankruptcy protection having received emergency funds from the U.S. government. In 2003 he was handed control of the automaker, who at the time had lost more than $7 billion.

By this year, Mr Marchionne had managed to wipe out the group's near-$13bn (£10bn) debt pile, something he described as a "healing" process for two companies that for so long were associated with failure.

Fiat Chrysler rushed to name a new CEO last weekend after it became clear that Marchionne would not be able to return to work.

Sergio Marchionne, the turnaround artist credited with saving Fiat and Chrysler.

Retaining dual Canadian and Italian citizenship, Marchionne, who qualified as a chartered accountant and attorney, began his career with Deloitte & Touche. In 1994, the company was merged with Swiss industrial firm Alusuisse Lonza Group, at which point Marchionne moved to Switzerland.

Marchionne is survived by his partner Manuela and sons Alessio and Jonathan.

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