The carmaker’s controlling family shareholder confirmed news reports of his death on Wednesday, without giving the cause of death or saying when he had died.
In an emergency meeting called after Marchionne’s health worsened, the Ferrari board also named John Elkann as chairman and gave Louis Camilleri powers to oversee the company’s operations.
Ferrari Chairman Sergio Marchionne says Formula One is a "part of their DNA" but the Italian sports carmaker might quit if the sport's new owners take it in a direction contrary to their interests.
The sale of Formula One to Liberty Media could be completed as early as Tuesday after CEO Bernie Ecclestone agreed on a price.
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