Chase Carey hailed Sergio Marchionne as a "great leader", while Toto Wolff lamented the loss of "a fierce competitor, an ally, a friend" after the former Ferrari president died at the age of 66 on Wednesday. Marchionne had reportedly suffered complications from surgery and had been suffering with cancer.
A succession plan at Fiat-Chrysler and Ferrari - both led by Marchionne - was rushed forwards last Friday after the Italian-Canadian businessman fell gravely ill.
According to reports in Italy, an operation to remove a tumour from his shoulder left him in a coma.
Marchionne was a titan of the automotive industry, having turned around the fortunes of both Fiat and Chrysler, while he was in the midst of a similar job with Ferrari's F1 team.
“We are deeply saddened by the passing of Sergio Marchionne,” Carey said in a statement. “He was a great leader of not just Formula 1 and the automobile world, but the business world overall.
“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.”
Having replaced Luca Di Montezemolo as Scuderia president in 2014, Marchionne had begun to put in place a restructure of the ailing team which has now begun to bear fruit.
Although they remain without a drivers' title since 2007 and team crown since 2008, the turnaround has been clear.
In 2014, Ferrari finished fourth in the constructors' standings, some 485 points adrift of Mercedes. Last year they were the Silver Arrows' closest rivals, and are a close second to the Silver Arrows in both championships again this year following the German Grand Prix.
Wolff added his sympathies in a tribute posted by Mercedes.
"This is a sad day for all of us in @F1. We have a lost a huge supporter of our sport, a fierce competitor, an ally and a friend. Our heartfelt sympathies are with Sergio's family and all at @ScuderiaFerrari at this difficult time."
Other F1 teams and personalities took to social media to share their condolences.
We are very saddened to hear of the passing of Sergio Marchionne. On behalf of all at Williams, we would like to express our condolences to Sergio’s family, friends and @ScuderiaFerrari ??
— WILLIAMS RACING (@WilliamsRacing) July 25, 2018