Cape Town - Former Ferrari boss Sergio Marchionne has passed away after a brief illness.
Last week it was reported that Marchionne had stepped down from his role at Fiat chief, the company citing illness as the reason for his departure.
On Wednesday, he passed away.
"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone," FCA chairperson John Elkann said in a statement.
"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. I would ask again everyone to respect the privacy of Sergio's family."
Marchionne, who was also the chairperson and CEO of Fiat Chrysler Automobiles, had been running Ferrari since taking over from Luca de Montezemolo in 2014.
Having joined Fiat in 2004, he was instrumental in Ferrari's return to championship contenders.