Former Ferrari president Marchionne dies at 66

Sergio Marchionne has died at the age of 66, just days after being replaced as president and CEO of Ferrari. According to reports in Italy, the former Scuderia chief was suffering from cancer, prompting a succession plan to be rushed forward after complications as a result of surgery.

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

"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone," Elkann said in a statement.

"I believe that the best way to honour 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.

"My family and I will be forever grateful for what he has done. Our thoughts are with Manuela, and his sons Alessio and Tyler."

Having replaced Luca Di Montezemolo as Scuderia president in 2014, Marchionne had begun to put in place a restructure of the ailing team which has now begun to bear fruit.

Although they remain without a drivers' title since 2007 and team crown since 2008, the turnaround has been clear.

In 2014, Ferrari finished fourth in the constructors' standings, some 485 points adrift of Mercedes. Last year they were the Silver Arrows' closest rivals, and are a close second to the Silver Arrows in both championships again this year following the German Grand Prix.

Having re-established Ferrari as a force in F1, Marchionne was often outspoken about the sport and had spent much of the past year threatening to pull the team out of F1, amid dissatisfaction with Liberty Media's proposals for 2021 and beyond.

Changes to engine regulations and the introduction of budget caps were at the sharp end of Marchionne's ire and it remains to be seen whether Camilleri and Elkann will resume the crusade against F1's American owners.

Away from F1, Marchionne is credited with rescuing car brands Fiat and Chrysler and he has been recognised as a titan in the automotive industry for several years.

It remains to be seen how Ferrari's new chiefs will take the team forward. Charles Leclerc's planned promotion to partner Vettel may be shelved, with Kimi Raikkonen reportedly set to be given another one-year deal to minimise the upheaval in the squad.