Sergio Marchionne

Marchionne was born in 1952 in the Italian town of Chieti, about 120 miles east of Rome. The former Fiat Chrysler (FCA) CEO who played a pivotal role in two corporate turnarounds, has died at the age of 66. Marchionne was replaced as CEO of the carmaker last weekend and also stepped down from his dual role as CEO of Ferrari, the race car manufacturer spun off from Fiat more than 2 years ago. The company said at the time that his condition had worsened after he fell gravely ill following complications during surgery in a Zurich hospital. "It is with the deepest sadness that EXOR has learned of the passing of Sergio Marchionne," FCA Chairman John Elkann, from the Agnelli family which has a controlling stake in the auto group, said in a statement Wednesday morning. Marchionne was replaced as CEO of the carmaker last weekend and also stepped down from his dual role as CEO of Ferrari, the race car manufacturer spun off from Fiat more than 2 years ago. The company said at the time that his condition had worsened after he fell gravely ill following complications during surgery in a Zurich hospital. In an emotional letter at the weekend, Elkann hailed Marchionne's tenure, sought to reassure employees about the future, and rally them around newly appointed CEO Mike Manley. His father served in the Italian military police known as the carabinieri, and one of Marchionne’s very last official duties was to hand over a Jeep in a presentation to the security force. He emigrated with his family to Toronto, Canada, in his teenage years and as a result, spoke fluent English, French and Italian. The Italian-Canadian became a graduate of the University of Toronto where he received a degree in philosophy, as well as the University of Windsor where he completed his MBA and Bachelor of Commerce degree. He earned his law degree in 1983 at the Osgoode Hall Law School of York University.