Ferrari Boss Steps Down

Published Date: 23rd Sep 2014

Ferrari chairman, Luca di Montezemolo, is to stand down after 23 years at the helm of the Iconic Italian sports car maker.

 

Luca di Montezemolo has released a statement announcing his intention to step down as Ferrari chairman. His pending replacement will be Sergio Marchionne, CEO of parent company Fiat (FCA), which currently owns 90 per cent of Ferrari.

The handover is set to take place on October 13th, most likely coinciding with the FCA Group’s flotation on the New York Stock Exchange. According to Montezemolo, 67, this “new and different phase” in Ferrari’s history, and a belief it should be “spearheaded by the CEO of the group”, triggered his decision – although the F1 team’s poor form in recent years and may also have contributed.

“This is the end of an era,” wrote Montezemolo on the company website. “I have decided to leave my position as Chairman after almost 23 marvellous and unforgettable years in addition to those spent at Enzo Ferrari’s side in the 1970s.”

As well as thanking Ferrari’s employees, customers, fans and partners, Montezemolo praised the company: “It has been a great privilege and honour to have been its leader. I devoted all of my enthusiasm and commitment to it over the years. Together with my family, it was, and continues to be, the most important thing in my life.”

Luca di Montezemolo took the reins at Ferrari in November 1991, and oversaw a revival in the F1 team’s fortunes as well as increased road car sales success.

“As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results,” said Sergio Marchionne. “Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally.”