The Exor, holding company of the Fiat founding family Agnelli, conveyed the sad news of the death of its former boss Sergio Marchionne on Wednesday.

Marchionne underwent a shoulder surgery earlier this month after celebrating his 66th birthday on June 17. After his last public appearance on June 26, the group announced of the surgery on July 5, wherein they confirmed of the medical leave.

However, on July 21, Fiat and Ferrari together announced Marchionne’s replacement for the two companies with John Elkann named as the new Chairman of Ferrari along with Louis C. Camilleri taking over the CEO post and Mike Manley was named as the CEO of Fiat.

Just days after the announcement, the group regretfully conveyed the news of the death of its former boss on July 25 following reports of Marchionne in deep coma in University Hospital of Zurich after his surgical process resulted in an embolism.

The statement from Fiat’s new boss Elkann read: “Unfortunately what we feared has come to pass. Sergio Marchionne, man and friend, is gone.

“I believe that the best way to honour 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.”

He first joined Fiat as an independent member in the Board of Directors in 2003 and was appointed as the CEO in 2004. After the merger between Fiat and Chrysler, Marchionne became the company’s head in 2014 along with already holding the top position within Ferrari and Maserati.

The Italian has been regarded highly for single-handedly changing the fortune of the Fiat Chrysler Group. He was also the key person from Ferrari involved in the discussions for the new Formula 1 agreement beyond the 2020 season with Liberty Media.

F1’s new boss Chase Carey also released a statement condoning Marchionne’s untimely death, it read: “We are deeply saddened by the passing of Sergio Marchionne. He was a great leader of not just Formula 1 and the automobile world, but the business world overall.

“He led with great passion, energy and insight, and inspired all around him. His contributions to Formula 1 are immeasurable. He was also a true friend to all of us and he will be deeply missed.

“At this difficult time, we extend our deepest sympathies to his family, friends and colleagues.”

Several teams and drivers have expressed their grief as well through tweets:

FIA’s President Jean Todt: “It is with great sadness that I learned that Sergio Marchionne tragically and unexpectedly passed away. Sergio achieved a colossal amount for the automotive industry and motor sport worldwide.

“He dedicated himself fully to turn around the FIAT-Chrysler group and put all his energy to bring Scuderia Ferrari back to the top. He was an endearing, upstanding and brave man, an unconventional and visionary leader.

“He was an eminent member of the FIA F1 Strategy Group and of the FIA High-Level Panel for Road Safety. His death is a considerable loss. On behalf of the entire FIA community, all my thoughts go out to his family, his friends and his Ferrari and Fiat-Chrysler group teams.”

When Marchionne was fighting for his life after the surgery, Elkan had released an impromptu eulogy for the Italian in a statement after he was announced as the new Fiat boss last weekend.

“I am profoundly saddened to learn of Sergio’s state of health. It is a situation that was
unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice. My first thoughts go to Sergio and his family.

“What struck me about Sergio from the very beginning, when we met to talk about the
possibility of him coming to work for the Group, even more than his management skills and
unusual intelligence, were his human qualities, his generosity and the way he understood

“Over the past 14 years together we have lived through successes and difficulties, internal
and external crises, but also unique and unrepeatable moments, both personal and

“For so many, Sergio has been an enlightened leader and a matchless point of reference. For me, he has been someone with whom to share thoughts and in whom to trust, a mentor and above all a true friend.

“He taught us to think differently and to have the courage to change, often in unconventional ways, always acting with a sense of responsibility for the companies and their people.

“He taught us that the only question that’s worth asking oneself at the end of every day is
whether we have been able to change something for the better, whether we have been able to make a difference.

“And Sergio has always made a difference, wherever his work took him and in the lives of so very many people. Today, that difference can be seen in the culture that he introduced in all the companies he has led, a culture that has become an integral part of each and every one of them.

“The succession plans we have just announced, even if not without pain from a personal
point of view, mean we can guarantee the maximum possible continuity, preserving our companies’ unique cultures.

“It has been my privilege to have had Sergio at my side for all these years. I would ask everyone for their understanding in these circumstances and to respect Sergio’s
privacy and that of those who are dear to him.”

From all at Formula Rapida, we send our heartfelt condolences to Marchionne, his family and friends and everyone in the FCA and Ferrari.