Ferrari Chairman Luca Cordero di Montezemolo said on Wednesday he was resigning after 23 years at the helm, in a move that had widely been expected after his record was questioned by parent company Fiat-Chrysler.
On Sunday, Fiat-Chrysler (FCA) Chief Executive Sergio Marchionne said Mr. Montezemolo had done a “great job” in terms of financial results, but criticized Ferrari’s recent winless streak in Formula 1. He is taking over Montezemolo’s position. “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,” Mr. Montezemolo said in a statement. He said the upcoming listing on Wall Street of the recently-merged Fiat-Chrysler, expected next month, would “open up a new and different phase which I feel should be spearheaded by the CEO of the group.” The management shake-up comes into effect on October 13.
“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,” Mr. Marchionne said in a separate statement.
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“Ferrari is the most wonderful company in the world. 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,” he said.
The Fiat-Chrysler group owns 90 per cent of the Prancing Horse sports car marque, while the rest belongs to founder Enzo Ferrari’s son, Piero.