Ferrari hail "courageous leader" Marchionne

Ferrari hail the late Sergio Marchionne as a "courageous leader" following his death that broke the Formula One world's hearts yesterday.

News broke out yesterday that former Ferrari president Sergio Marchionne had died following complications from his shoulder surgery.

Reports in his native Italy said that Marchionne had been suffering from cancer.

Marchionne only stepped down from his role at Ferrari a few days ago due to health concerns.

John Elkann replaced the Italian as Ferrari president on Friday, and Louis Camilleri to fill the CEO role.

A statement from Ferrari read:

"All of us at Ferrari feel privileged to have worked alongside a courageous leader like Sergio Marchionne, a man of enormous humanity and intelligence. In this moment of sadness, we join his family in remembering him with immense affection."