"Marchionne wrote an important page in the history of Italian industry".
Fiat Chrysler has said Manley will work to ensure a "strong and independent" future for the group. Sergio created a remarkable legacy in the automotive industry.
On Saturday, Fiat Chrysler named Jeep division head Mike Manley as CEO at the world's seventh-largest auto maker, saying the Briton would execute a new mid-term strategy that Marchionne had outlined in June. In doing so, Elkann followed Marchionne's wishes to appoint Manley his successor, two people said.
Born in the Abruzzo region of post-war Italy, Marchionne moved with his family to Toronto at the age of 14 and became educated in business administration in Canada.
In the wider world Marchionne was known for brokering the alliance between Fiat and Chrysler and turning both companies around.
In 2009, he merged Fiat with USA automaker Chrysler, then hived off its industrial vehicles unit in 2011 to create CNH Industrial and successfully spun off the luxury brand Ferrari in January 2016.
In 2004, he was appointed CEO of Fiat SpA and over the next decade took the Italian manufacturer from near extinction to the New York Stock Exchange, Fiat having bought the equally underperforming Chrysler to form Fiat Chrysler Automobiles.
Marchionne was handed an automaker that lost more than 6 billion euros ($7 billion) in 2003. Marchionne is survived by his sons Alessio and Tyler, and his longtime partner Manuella Battezzato. "He is not just demanding; he wants all your life devoted to him", said one banker who worked with Marchionne on various deals in recent years.