The deceased was identified as 62-year-old Fabrizio Longo.

He used to run the company’s Italy-based operations.

Rescue teams rushed to the scene after the accident was witnessed by another climber, who called for help, reported New York Post.

His body was later located some 700 feet inside a gorge.

He was pronounced dead at the scene.

After his body was recovered, he was transported to the nearby town of  Carisolo.

Local authorities have launched an investigation into the incident.

The International Ski and Snowboard Federation has mourned the death of Fabrizio Longo.

Flavio Roda, the head of the federation, called Longo’s death “a terrible loss for the federation that has collaborated fruitfully with Longo for years.”

“We join the family in this moment of great pain, and with the staff of Audi Italia,” he was quoted as saying by New York Post.

An Audi spokesperson told the newspaper: “Fabrizio Longo has been leading the Audi brand in Italy with enormous success since 2013, confirming the brand’s leadership in the premium segment for 11 consecutive years.”