Fiat Chrysler boss Sergio Marchionne dead at 66

Passing comes after charismatic company leader of 14 years suffered serious complications following surgery

Sergio Marchionne (R), seen with a Ferrari at the 83rd Geneva Motor Show, suffered surgery complications. EPA

Fiat Chrysler's visionary boss Sergio Marchionne has died after heading the Italian car giant for 14 years, holding company Exor announced Wednesday.

"It is with the deepest sadness that Exor has learned of the passing of Sergio Marchionne," Exor, which is owned by the Agnelli family, said in a statement.

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

Italian media and politicians on Sunday hailed Mr Marchionne, who had stepped down due to serious health problems.

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"Marchionne, the end of an era," was Corriere della Serra's headline after an emergency board meeting of Fiat Chrysler, Ferrari and CNH Industrial, the three groups controlled by the Agnelli family, on Saturday. They announced the end of his tenure and tapped Briton Mike Manley, previously head of the group's Jeep brand, to replace him.

Mr Marchionne, 66, had suffered serious complications following surgery on his right shoulder last month and La Repubblica had said his condition was cause for major concern.

The newspaper said there had been a further "deterioration" in his condition on Friday and that "this time there is no return - the patient is no longer responding" to treatment.