The former chief executive of carmaker Fiat-Chrysler, Sergio Marchionne, died in hospital in Zurich aged 66.
"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone", FCA Chairman John Elkann, scion of the controlling Agnelli family, said in a statement.
On July 21 Ferrari reported that it had "learned with deep sadness during its meeting today that chairman and CEO Sergio Marchionne will be unable to return to work".
Selected as CEO of Fiat SpA in June 2004, Marchionne took the Italian manufacturer from the brink of bankruptcy to the New York Stock Exchange, where he rang the bell on October 13, 2014, to mark the debut of Fiat Chrysler Automobiles NV, the London company created when Fiat bought the Detroit carmaker.
It emerged that Fiat Chrysler CEO Sergio Marchionne's successor was far from settled.
Marchionne attended the University of Windsor and called his years there among the best of life.
Marchionne and his estranged wife, Orlandina, had two children, Alessio and Tyler.
In September 2014, Marchionne became chairman of Ferrari, replacing the outgoing Luca di Montezemolo, and in 2015 instigated a plan to spin off Ferrari from FCA as an independent company, offering 10% of Ferrari's shares for sale to the public and the remaining 90% to existing FCA shareholders. He was replaced as CEO last weekend after Fiat Chrysler said his condition had worsened.
However, Ferrari has roared back this season to title contention for both the constructors' and drivers' titles (with Sebastian Vettel), winning four of the first 11 races of 2018.
A company veteran who joined Fiat in 1990, Altavilla took charge of the group's struggling European operations in 2012 and returned them to profit three years later. In 2009 he was picked by the USA government to save Chrysler from its trip through bankruptcy protection after being owned by a private equity company.
"He led with great passion, energy and insight, and inspired all around him".
Marchionne played a key role in negotiations shaping the future of Formula 1, and threatened to pull Ferrari out of the sport on more than one occasion. He also had a penchant for witty comments, such as suggesting in 2011 that anyone who thought Chrysler could have survived its 2009 bankruptcy without assistance from the US government was "smoking illegal material". Sergio created a remarkable legacy in the automotive industry. "Our heartfelt sympathies are with Sergio's family and all at Scuderia Ferrari at this hard time".
Tributes to the late Sergio Marchionne arrived from industry figures and politicians worldwide, praising his perseverance, hard negotiating skills and candor.