Sergio Marchionne, the former Chairman and CEO of Ferrari and Fiat Chrysler Automobiles (FCA), passed away yesterday in Switzerland at the age of 66.

Marchionne was born in the town of Chieti, Italy and emigrated with his family to Canada when he was 13. The trained accountant had no experience in the automotive industry prior to joining Fiat in 2003 and was made the CEO the year after, inheriting a company mired in debt. As the ultimate “corporate fixer”, by 2005 he had turned the ship around and ushered Fiat back into profitability through tough leadership decisions and the streamlining of the company’s vehicle development cycle. Over the years in the group, his merger of Fiat and Chrysler in 2009 after the Great Recession when the latter emerged from Chapter 11 bankruptcy protection, as well as the spin-off of Ferrari from the group in 2016 onto the NYSE were seen as the highlights of his career amongst other bold decisions. An intelligent man with a relentless drive towards commercial and corporate goals like no other, he was also an avid car enthusiast with his own personal collection of Ferrari automobiles and oversaw the Scuderia’s Formula 1 team.

Marchionne was placed on medical leave from early July, undergoing what seemed to be a routine shoulder surgery. Sadly, complications from the surgery did not allow him to return to work and an announcement for his replacement was made on 21 July, appointing Louis Camilleri and Mike Manley to the role of CEO for Ferrari and FCA respectively. 

Marchionne’s strong character and outspoken nature, together with his work ethic, business acumen and humour have made him a key figure and a legend in the industry. He will surely be missed.