Sergio Marchionne had been seriously ill for a year, hospital discloses

Sergio Marchionne died after suffering complications from shoulder surgery.
Sergio Marchionne died after suffering complications from shoulder surgery.PHOTO: NYTIMES

ZURICH (BLOOMBERG) - Sergio Marchionne, was seriously ill for more than a year before he died on Wednesday (July 26), according to the hospital that treated him.

His condition had not been revealed to shareholders of the companies he ran, including Fiat Chrysler Automobiles and Ferrari.

"Although all the options offered by cutting-edge medicine were utilised, Mr Marchionne unfortunately passed away," University Hospital Zurich said in a statement on Thursday.

The hospital said it disclosed the treatment to dispel rumours in the media.

Marchionne had been replaced as chief executive officer of the two automakers and as chairman of CNH Industrial on Saturday.

Exor, the Agnelli family holding company that controls the three companies, confirmed on Wednesday that he died, offering no further elaboration.

"Sergio Marchionne, man and friend, is gone," John Elkann, the Agnelli scion and chairman of Exor, Fiat Chrysler and Ferrari, said in the July 25 statement.

"My family and I will be forever grateful for what he has done."