Ferrari boss steps downposted in F110 | 09 | 2014
FERRARI CHAIRMAN Luca di Montezemolo has today confirmed he is to step down from his role with the car company and Formula 1 team.
The Italian's announcement comes 24 hours before a Ferrari board meeting at which the company is set to confirm record profits.
Di Montezemolo (pictured), who made an emotional appearance at the Italian Grand Pprix at Monza at the weekend, this morning issued a statement saying that he will end his 23-year spell at Maranello.
According to the statement, his decision was accelerated by flotation plans of the new Fiat Chrysler Automobiles company, which is planned for the New York Stock Exchange next month.
"Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street," di Montezemolo said. "This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group.
"This is the end of an era, and so 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."
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The future of di Montezemolo — who will stay on until the flotation on October 13 — at Ferrari came under intense scrutiny earlier this week when Fiat CEO Sergio Marchionne, who made clear that the performance of Ferrari's F1 team was 'unacceptable'.
And Marchionne, who will now become Ferrari's new chairman, pointed to 'misunderstandings' that came to light over the Monza weekend as a trigger for today's change.
"Luca and I have discussed the future of Ferrari at length," Marchionne said. "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."
Interestingly, while di Montezemolo thanked the Ferrari staff who had worked with him during his spell at the company, and made particular reference to Enzo Ferrari's son Piero, he pointedly mad no mention of Marchionne.
"Ferrari is the most wonderful company in the world," di Montezemolo added. "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.
"I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the company the many more years of success that Ferrari deserves."
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Jim McGill