Marchionne was reported to have had surgery for a shoulder problem about three weeks ago in Switzerland
Sergio Marchionne has died.
The holding company of the Agnelli family, which founded Fiat, confirmed the news today about the 66-year-old.
Marchionne joined Fiat in 2004 and led the Turin-based company's merger with bankrupt U.S. carmaker Chrysler.
He built the dysfunctional companies into the world's seventh-largest automaker.
Marchionne was reported to have had surgery for a shoulder problem about three weeks ago in Switzerland.
Fiat Chrysler said Saturday that due to his deteriorating health Marchionne "will be unable to return to work" and found a replacement.
— with files from The Canadian Press