Former Fiat Chrysler Automobiles CEO Sergio Marchionne has passed away at the age of 66, it has been confirmed.

Exor, the investment company that controls Fiat Chrysler Automobiles, released a statement confirming Marchionne's passing.

"Unfortunately, what we feared has come to pass," FCA chairperson John Elkann said in the Exor statement.

"Sergio Marchionne, man and friend, is gone. I believe that the best way to honour 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," Elkann added.

"Our thoughts are with Manuela, and his sons Alessio and Tyler. I would ask again everyone to respect the privacy of Sergio's family."

On 22 July, FCA announced that Marchionne had been replaced as CEO of the automotive giant due to “unexpected complications” following surgery. Jeep boss Mike Manley was granted “all the powers of CEO” of FCA.

Ferrari, meanwhile, announced that its board had named John Elkann as chairperson and would propose to shareholders that Louis C. Camilleri be named CEO.