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Marchionne had entered hospital for shoulder surgery, but after the operation his condition deteriorated rapidly, with reports suggesting that an embolism had led to a coma.
On the eve of the German Grand Prix, Ferrari reported that it had "learned with deep sadness during its meeting today that chairman and CEO Sergio Marchionne will be unable to return to work."
It was announced that John Elkann would become chairman, and Louis C Camilleri be named as CEO.
Marchionne became chairman of Ferrari in September 2014, replacing the outgoing Luca di Montezemolo.
Despite his other commitments, he had a close involvement with the F1 Team. He took a keen interest in the driver choices, and was a supporter of Charles Leclerc who is set to become a Ferrari driver next season. He also steered the return of Alfa Romeo back into Formula 1 with the Alfa Romeo-Sauber deal back last season.
In the wider world, Marchionne was known for brokering the alliance between Fiat and Chrysler and turning both companies around merging both into Fiat Chrysler Automobiles.
A great sporter of the sport of Formula 1. Rest in Peace Sergio Marchionne, you will be much missed.
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