Luca Cordero di Montezemolo Ferrari

Luca di Montezemolo set to leave Ferrari

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Ferrari chairman Luca Cordero di Montezemolo is set to step down from his role later next month after being in the position since 1991.

The Maranello firm has already named his replaced in current Fiat CEO Sergio Marchionne, with whom Montezemolo is said to have had spats with in regards to the direction of Ferrari’s road car division, as well as the company’s performances in Formula 1.

Montezemolo became chairman of Ferrari after working his way through the Fiat’s ranks and underneath the 67-year-old, the high-end car maker has seen profits surge and its road and motorsport divisions flourish.

A spokesman for Ferrari has stated that the changes will not affect the company on a day-to-day basis and will be a vital cog in the new FCA Group which came together in the merger between Fiat an Chrysler. Ferrari only accounts for 10 per cent of the group’s turnover, but delivers around 25 per cent of the its profits. The partnership with Maserati will also continue to grow, in which Ferrari shares engineering, development and production facilities.

After 23 years in the role, Montezemolo said: “Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street.

“This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group.”

Montezemolo added: “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.”

The Italian will leave his position officially on 13 October with Marchionne taking over immediately.

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