Former Ferrari chairman and CEO Sergio Marchionne has died aged 66.

Marchionne was forced to step down from his role as head of Fiat Chrysler Automobiles last week due to complications following surgery on his shoulder.

Following his illness, the Italian was replaced by John Elkann, who took on the chairman position while Louis C Camilleri assumed the CEO role.

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

“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.”

Marchionne became Ferrari chairman in 2014 when he replaced Luca Di Montizemelo.

Passionate about motorsport, he was heavily involved in Ferrari’s Formula 1 program appointing the Scuderia’s current team principal Maurizio Arrivabene.

He also played an active role in discussions in shaping the future of F1 through the sport’s Strategy Group meetings.

Speedcafe.com extends its condolences to Marchionne’s family and friends.