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Former Fiat Chrysler CEO Sergio Marchionne dies

MILAN – Sergio Marchionne, who engineered turnarounds to save both Fiat and Chrysler from near-certain failure, has died.

The holding company of the Agnelli family, which founded Fiat, confirmed Wednesday that Marchionne, 66, had died.

Marchionne joined Fiat in 2004 and led the Turin-based company's merger with bankrupt U.S. carmaker Chrysler. He built the dysfunctional companies into the world's seventh-largest automaker.

Marchionne was reported to have had surgery for a shoulder problem about three weeks ago in Switzerland. Fiat Chrysler said Saturday that due to his deteriorating health Marchionne "will be unable to return to work" and found a replacement.

Here is a released from FCA:

It is with the deepest sadness that EXOR has learned of the passing of Sergio Marchionne.

John Elkann said: “Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone.

"I believe that the best way to honor 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.”