Former FCA Boss Sergio Marchionne Passes Away at 66

The Italian-Canadian responsible for turning around and building a global automaker from the ashes of Fiat and Chrysler has died. Sergio Marchionne, aged 66, has passed away, according to a statement from Fiat Chrysler Chairman John Elkann.

“Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone,” Elkann said.

The former FCA chief’s condition reportedly worsened following shoulder surgery and he hadn’t been seen publicly since June 26. Reports claimed Marchionne had suffered a cerebral embolism—when a clump of fatty plaque dislodges in the bloodstream, travels to the brain, and causes a type of stroke. He’d allegedly been in a coma on life support with little chance for recovery.

Marchionne rose to new heights after rescuing Chrysler from certain failure in 2009 and marrying the United States’ third-largest automaker with Fiat to create Fiat-Chrysler Automobiles. Marchionne served as CEO of Fiat for 14 years, Chrysler for nine years, and Ferrari for four years. Since his tenure, he oversaw the elimination of FCA’s debts, spun off Ferrari and Ram as separate entities, and helped build the Jeep brand into a profit powerhouse globally.

ALSO SEE: FCA Names New CEO

The former CEO spoke bluntly, a contrast to his subdued sweater vests and associated attire, and rarely minced words when speaking to the press. His untimely death comes as Marchionne planned to retire from his position at FCA at the end of this year, though he was expected to serve as Ferrari’s head until early next decade.

Mike Manley, native of Edenbridge, England, who formerly led the Jeep and Ram brands, was appointed as FCA CEO last Saturday to succeed Marchionne. Louis C. Camilleri was named Ferrari CEO by the Ferrari board at the same time. Manley will oversee Marchionne’s final five-year plan for FCA, which calls for more electrification in a $10.5-billion investment in the coming years.