Rome [Italy], July 25 (ANI): Ferrari's former chairman Sergio Marchionne passed away on Wednesday. He was 66.

Expressing grief over the sudden demise of Marchionne, Formula One chairman Chase Carey said that he is deeply saddened by the incident while adding that the world has lost a `great leader`.

"We are deeply saddened by the passing of Sergio Marchionne. He was a great leader of not just Formula 1 and the automobile world, but the business world overall," Carey said.

"He led with great passion, energy and insight, and inspired all around him. His contributions to Formula 1 are immeasurable. He was also a true friend to all of us and he will be deeply missed. At this difficult time we extend our deepest sympathies to his family, friends and colleagues," he added.

Marchionne took over as Ferrari president in 2014 succeeding the long-serving Luca di Montezemolo. He played a significant role in bringing the team back to a title-contending form.

John Elkann is the current Ferrari chairman while Louis Camilleri was named as CEO. (ANI)

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