BREAKING NEWS: Sergio Marchionne, former CEO of Fiat Chrysler Automobiles, dies

Sergio Marchionne, who designed turnarounds to save Fiat and Chrysler from an almost certain failure, died

The Agnelli family company, which founded Fiat, confirmed Wednesday that Marchionne, 66, was dead.

"Unfortunately, what we feared happened, Sergio Marchionne, a man and a friend, is gone," said John Elkann, president of FCA overseas. To honor his memory is to build on the legacy he has bequeathed to us, by continuing to develop the human values ​​of responsibility and openness of which he was the most ardent champion.

Michigan governor Rick Snyder also expressed his sadness after hearing of Machionne's death. "We often joked about the fact that we were two accountants who began our career at the other end of the Detroit River – Sergio at Windsor and I in Detroit, "said Snyder," the many times we met, both in Michigan and abroad. "

Mary Barra, President and CEO of General Motors, offered her condolences to family and friends of Marchionne. "Sergio has created a remarkable legacy in the automotive industry," said Barra. "Our thoughts are also with our Fiat Chrysler colleagues who are dealing with this sudden loss."

"Sergio Marchionne was one of the most respected leaders in the industry whose creativity and determination have helped restore Chrysler's financial health." Fiat Ford Chrysler is a profitable global automaker, " said Bill Ford, Ford's executive chairman, adding that his exceptional leadership, his franchise and his passion for the industry will be missed by all who know him. "

Marchionne joins Fiat in 2004 He directed the merger of the Toronto firm with the failed US automaker, Chrysler, who made these dysfunctional companies the seventh largest global automaker.

Marchionne reportedly operated on for a shoulder problem there is three weeks in Switzerland Saturday, due to the deterioration of his health, Marchionne "will be unable to return to work" and found a replacement.

The board of adm FCA 's administration has named Mike Manley, former CFA Jeep and Ram Division Chief as Chief Executive Officer at an emergency meeting on Saturday, July 21st.