- Ferrari
Montezemolo steps down as Ferrari president
Luca di Montezemolo will step down as Ferrari chairman, putting an end to a week of speculation about his future.
The end of an era
- Luca di Montezemolo's departure represents a key change for Ferrari, but one that has been on the horizon for a while. For some time he has been at loggerheads over the direction of the brand with FIAT boss Sergio Marchionne, with Montezemolo keen to keep Ferrari exclusive and autonomous from parent company FIAT Chrysler Automobiles (FCA) while Marchionne plans to bring it closer and inch up production. At every opportunity Montezemolo has been keen to point to his history of success at Ferrari - he has been a part of the team since 1973 and turned losses into profits in the road car division when he became chairman in 1991 - but with FCA's flotation on the New York Stock Exchange his philosophy for the company no longer fits the bill. Meanwhile, the lack of F1 championship success has given the FIAT board a valid reason to oust Montezemolo - although it must be said the prancing horse lost none of its mystique during Ferrari's last barren spell on track between 1983 and 1999. Whether the new guard of Marchionne and Marco Mattiacci will do a better job remains to be seen, but for better or worse Ferrari will never be the same again.
At the weekend Montezemolo said he intended to see out a three year deal with the company, but on Wednesday confirmed he was standing down. He said he felt it was time to move on ahead of parent company FIAT Chrysler Automobiles' planned flotation on 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," he 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.
"My thanks, first and foremost, to the exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world. They were the real architects of the company's spectacular growth, its many unforgettable victories and its transformation into one of the world's strongest brands.
"A warm farewell and my thanks also to all of our technical and commercial partners, our dealers across the globe and, most particularly, the clients and collectors whose passion I so wholeheartedly share. But my thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia's most difficult moments."
He is expected to be replaced by FIAT boss Sergio Marchionne, who earlier this week warned Montezemolo that "nobody is indispensable" and criticised the performance of the F1 team.
© ESPN Sports Media Ltd.
