The Fiat Chrysler Group announced this morning that former Ferrari president Sergio Marchionne has passed away.

The Italian Canadian 66, suffered complications following shoulder surgery in Switzerland last week with his condition deteriorating in recent days.

In a statement released this, John Elkann the new Chairman of Ferrari said:

Unfortunately, what we feared has come to pass. My family and I will always be grateful for what he has done.

Chase Carey, Chairman and CEO of Formula One released a statement saying:

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

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