Replaced as CEO of Fiat Chrysler Automobiles (FCA) as well as his Ferrari positions at the weekend, a statement issued by Exor - holding company for the Agnelli family - today announced Marchionne's passing.
FCA has said Manley will work to ensure a "strong and independent" future for the group.
Chase Carey, the chief executive of F1, described Mr Marchionne as "a great leader", both for the sport and in business world generally. And many of us have lost a very dear friend: "Sergio Marchionne".
Born in Italy, Marchionne attended high school and college in Canada, where his family emigrated when he was 14. "At this hard time, we would like to express our sympathies to the Marchionne family, to our colleagues at Fiat Chrysler, Ferrari and CNH International".
Mr Marchionne was seen as the driving force behind Fiat-Chrysler's growth.
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Marchionne joined Fiat in 2004, and leaves behind an impressive legacy at the company. As his professional life progressed, Marchionne returned to Europe where his success in restructuring ailing companies saw him tasked with turning around Fiat.
Chairman Bill Ford also praised Marchionne "as one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker".
Retaining dual Canadian and Italian citizenship, Marchionne, who qualified as a chartered accountant and attorney, began his career with Deloitte & Touche. At the time, the company had been hemorrhaging billions of dollars annually.
To his partner, Manuela, his wife Orlandina, and children, Alessio and Jonathan, Pitpass, on behalf of its readers offers its honest condolences.
CFO Richard Palmer, who was also on the call, said Marchionne was unique, and that he was grateful to have worked alongside him for the last 12 years.