Sergio Marchionne, CEO of Ferrari and former CEO of Fiat-Chrysler has passed away at the age of 66.

This awful news comes just days after Ferrari told us he had been replaced following ill health by John Elkann as Chairman and Louis C. Camilleri as CEO. Complications had arisen after surgery to his right shoulder. Unfortunately, these complications worsened.

Chairman and CEO of Formula 1, Chase Carey, described Marchionne as “both a leader and a friend.”

“We are deeply saddened by the passing of Sergio Marchionne,” he said. “He was a great leader of not just Formula 1 and the automobile world, but the business world overall.

“He led with great passion, energy and insight, and inspired all around him. His contributions to Formula 1 are immeasurable. He was also a true friend to all of us and he will be deeply missed. At this difficult time we extend our deepest sympathies to his family, friends and colleagues.”

Marchionne was a powerful instrument in not only the force behind Ferrari’s successful year of Formula 1, but made the merger between Fiat and Chrysler possible back in 2009. This year, he’d managed to write off the company’s £13 billion debt.

Not only was he a great businessman, but a great friend to many in the industry. He will be sorely missed.