John Elkann, chairman of Fiat Chrysler, ...
Selected as CEO of Fiat SpA in June 2004, Marchionne took the Italian manufacturer from the brink of bankruptcy to the New York Stock Exchange, where he rang the bell on October 13, 2014, to mark the debut of Fiat Chrysler Automobiles NV, the London company created when Fiat bought the Detroit carmaker.
And FCA's holding company Exor, which is owned by the Agnelli family, announced his death on Wednesday.
"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone", Elkann said.
Lettera43, in a report Tuesday citing anonymous sources, said Marchionne, 66, had been diagnosed "long ago" with the invasive shoulder sarcoma - a malignant form of cancer that can develop in the body's soft tissue - and "expressed some doubts" about the effectiveness of the high-risk operation he underwent at the University of Zurich in late June.
Manley, who was born in the United Kingdom, is the first Fiat CEO not born in Italy.
"He was an endearing, upstanding and courageous man, an unconventional and visionary leader".
Here's what industry leaders have said in tribute to Marchionne.
Trump Tweets: ‘Tariffs Are the Greatest’
Stocks of farm equipment makers including Deere & Co. gained on reports of the planned announcement of aid to farmers. Trump said . "Hope they do it, we are ready - but they won't!" he said .
Detroit automakers General Motors Co (GM.N), Ford Motor Co f.N and Fiat Chrysler Automobiles NV (FCA) (FCHA.MI)(FCAU.N) lowered their full-year profit forecasts on Wednesday due to escalating tariffs, hitting their stocks as investors bet that escalating trade disputes would hurt margins and sales.
He was one of the most influential personalities the auto industry has ever seen, and that influence manifested itself on the racetrack through numerous race victories and championships over the years.
"It is with the deepest sadness that Exor has learned of the passing of Sergio Marchionne", it said in a statement.
The new executive head of Ferrari will be Louis Carey Camilleri, CEO of tobacco giant Philip Morris. Our thoughts are with Manuela, and his sons Alessio and Tyler.
At fia.com, FIA President Jean Todt, who led the Scuderia Ferrari Formula 1 team from 1994 to 2007, said "Sergio achieved a colossal amount for the automotive industry and motor sport worldwide".
For the past several years, Marchionne had tried to engineer a merger or alliance between Fiat Chrysler and another automaker, driven by the view that vehicle companies were developing too much duplicate technology in the chase for cleaner engines and electric cars. He was an eminent member of the FIA F1 Strategy Group and of the FIA High-Level Panel for Road Safety. He also had a penchant for witty comments, such as suggesting in 2011 that anyone who thought Chrysler could have survived its 2009 bankruptcy without assistance from the USA government was "smoking illegal material".
Marchionne was a visionary at a time when the auto industry was sorely in need of one.