Ferrari remember 'courageous leader' Marchionne

Ferrari hailed Sergio Marchionne as a "courageous leader" after the Formula 1 team's former president died at 66 on Wednesday. Marchionne passed away after complications following surgery and, according to reports in his native Italy, he had been suffering from cancer.

News of Marchionne's death reverberated around the motorsport and automotive worlds, he had begun to put in place the kind of recovery program at the Scuderia that had turned around the fortunes of road car brands Fiat and Chrysler.

A succession plan at Fiat-Chrysler and Ferrari - both led by Marchionne - was rushed forwards last Friday after the Italian-Canadian businessman fell gravely ill.

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READ MORE: Formula 1 pays tribute

John Elkann replaced Marchionne as Ferrari chairman on Friday, with Louis Camilleri nominated to fill the role of CEO and placed in charge immediately.

A statement read: "All of us at Ferrari feel privileged to have worked alongside a courageous leader like Sergio Marchionne, a man of enormous humanity and intelligence.

"In this moment of sadness, we join with his family in remembering him with immense affection."

Rival teams like Mercedes and Red Bull were quick to pay tribute to Marchionne, while F1 CEO Chase Carey also hailed his talents, having spent much of the past year sparring with him over the future shape of F1 in 2021 and beyond.

Carey said in a statement: "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."