Former Ferrari CEO Sergio Marchionne has died aged 66, only a few days after standing down from Ferrari due to a shoulder injury. The Italian use to be the CEO of Fiat and was crucial in turning around the company's fortunes, and also saved Chrysler from bankruptcy.
Marchionne was born in Italy but moved to Canada at a young age. He became an accountant and later CEO of Swiss company Algroup. Only a few years into the 21st century, he moved to Fiat, owner of Ferrari. Soon enough he became the CEO of Fiat also, at a time when the company were losing plenty of money. He managed to return the company to recognition, and began to turn in profit.
In 2014 Marchionne stepped into the world of F1, and was now chairman and CEO of the struggling Ferrari, replacing Luca di Montezemolo. Both the F1 team and Ferrari as a company had a sharp increase in fortunes also: the company was now in the New York stock exchange and Sebastian Vettel has been challenging for the Formula 1 championship in a Ferrari.
After qualifying for the German Grand Prix last Saturday it was announced he would be stepping down due to a shoulder injury. His death was announced today this morning, with complications during his surgery. His death was confirmed by John Elkann, who has succeeded him as chairman at Ferrari.
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