• Ferrari

Montezemolo sheds a tear despite €27m severance deal

Despite being lined up for a €26.95m (£21.5m) severance deal, outgoing Ferrari chairman Luca di Montezemolo still shed a few tears as he said goodbye to employees at Maranello.

On Wednesday Montezemolo announced he would stand down as Ferrari president on October 13, to be replaced by FIAT CEO Sergio Marchionne. According to AP, in return for agreeing not to compete with FIAT until March 2017, he will receive a lump-sum payment of €13.25m on January 31 2015 as well as an extra €13.71m payable over 20 years.

Montezemolo held court in front of the media at Maranello for one last time on Wednesday afternoon as he shared a press conference with new boss Marchionne. The two have clashed over the direction of the brand, with Montezemolo keen to keep Ferrari exclusive and autonomous from parent company FIAT Chrysler Automobiles (FCA) while Marchionne plans to inch up production and use the it to boost FCA's upcoming flotation on the New York stock exchange. Montezemolo had also faced criticism from Marchionne over Ferrari's lack of success in Formula One, following five full seasons without a championship success.

"Winning is essential for Ferrari and I have no doubt we are capable of doing that," Marchionne told the press. "We will do all it takes, also in terms of our resources, to reach this objective."

Montezemolo stressed the importance of changes made under his watch for success in the future: "In the company we have the framework, the means and the personnel to get back on top and I am convinced that it won't be long before we are once again the benchmark team."

It's not only their separate visions for Ferrari that divides the two men, with Montezemolo appearing in a tailor-made suit while Marchionne opted for a more casual look. Joking about the outgoing president's fashion advice, Marchionne said: "As you can see, I didn't listen to him."

According to Ferrari's official website, Montezemolo then returned to the factory to meet with the heads of the production department. The website reported: "While he had managed to remain composed in front of the world's press, he did shed a few tears with 'his' men."

© ESPN Sports Media Ltd.