Sergio Marchionne death: former Fiat Chrysler chief executive dies, aged 66

Man who spearheaded car manufacturer's renaissance dies after complications from shoulder surgery

Exor, the holding company owned by Fiat's founding Agnelli family confirmed Mr Marchionne's death on Wednesday (Getty)

Sergio Marchionne, the former chief executive officer of Fiat Chrysler who spearheaded the car manufacturer's renaissance, has died, aged 66.

Exor, the holding company owned by Fiat's founding Agnelli family confirmed Mr Marchionne's death on Wednesday, just days after he was replaced as chief executive.

Mr Marchionne's health rapidly deteriorated after complications from shoulder surgery he underwent at a Zurich hospital.

No further details of his death were revealed.

"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone," said group chairman John Elkann, a member of the Agnelli family.

He added: "My family and I will always be grateful for what he has done."

Mr Marchionne became chief executive of Fiat in June 2004 when the company was on the brink of bankruptcy. He was the fifth person to lead Fiat in less than two years as it went through a period of turmoil.

The company lost more than €6bn in 2003 but by 2005, after a remarkable turnaround, Fiat posted a profit.

In 2009, Mr Marchionne also became chief executive of Chrysler after the American car giant filed for bankruptcy and then merged with Fiat.

He slashed costs and more than halved the time it took to bring a new model to market.

Mr Marchionne also oversaw the successful spin-off of Ferarri in 2015 and, by this year, had eliminated all of the company's €13bn of debt.

Fiat's value increased more than tenfold during his time as chief executive.