The unfortunate news of Sergio Marchionne’s  replacement as the boss of Ferrari and sister company Fiat, on health grounds, has shook the automotive industry.

According to Fiat the 66-year-old had suffered complications following surgery.

John Elkann is named chairman of Ferrari, while Louis Carey Camilleri has become chief executive.

Sergio Marchionne seen here between Maurizzio Arrivabene (left) and Mattia Binotto (right) at last year’s Gestione Sportiva Christmas Lunch

Below is the official announcement by Ferrari:

The Board of Directors of Ferrari NV (“Ferrari”) (NYSE/MTA: RACE) learned with deep sadness during its meeting today that Chairman and CEO Sergio Marchionne will be unable to return to work.

The Board’s thoughts are with Sergio Marchionne and his family and it is grateful for the extraordinary contribution he has made in recent years at the helm of Ferrari.

The Board has named John Elkann as Chairman and will propose to Shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO.

The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of the company’s operation.

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