ROME, July 25 (Xinhua) -- Auto executive Sergio Marchionne who brought Chrysler back from the brink has died, the holding company of the Agnelli family, which founded Fiat, announced Wednesday.
"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone," Fiat Chrysler Automobiles (FCA) Chairman John Elkann said in a statement.
"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," said Elkann, an Agnelli family heir.
Marchionne, the Italian born, Canadian-raised executive, turned around ailing Italian automaker Fiat upon becoming its CEO in 2004. He subsequently led it to a successful merger with failing auto giant Chrysler a few years later, giving rise to FCA.
FCA has appointed high-ranking in-house executive Mike Manley to replace Marchionne as its chief executive officer (CEO).
Marchionne, 66, had fallen ill since undergoing surgery on one of his shoulders in June.
