Sergio Marchionne dies age 66

Former Ferrari boss Sergio Marchionne has died aged 66.

Tragic news just reaching us that Sergio Marchionne has died aged 66.

Marchionne was in Zurich hospital following complications resulting from his shoulder surgery.

Marchionne stepped down as Ferrari boss four days ago due to health concerns and today the news has broken that he is no longer with us.

The former Ferrari and Fiat boss led the former for more than a decade and orignally planned to step down next year, but health concerns led to an early retirement for the Italian.

"Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone," said group chairman John Elkann, a member of the Agnelli family that controls the company.

Elkann praised Marchionne's "values of humanity, responsibility and open-mindedness".

"My family and I will always be grateful for what he has done," he added.