Sergio Marchionne, Who Saved Fiat and Chrysler Dies |

Sergio Marchionne, who engineered turnarounds to save both Fiat and Chrysler from near-certain failure, has died.

The holding company of the Agnelli family, which founded Fiat, confirmed Wednesday that Marchionne, 66, had died.

Marchionne joined Fiat in 2004 and led the Turin-based company's merger with bankrupt U.S. carmaker Chrysler. He built the dysfunctional companies into the world's seventh-largest automaker.

Marchionne was reported to have had surgery for a shoulder problem about three weeks ago in Switzerland. Fiat Chrysler said Saturday that due to his deteriorating health Marchionne "will be unable to return to work" and found a replacement.