Di Montezemolo steps down from Ferrari role

Ferrari president Luca di Montezemolo has confirmed he will leave the company next month, ending speculation over his future at Ferrari and the F1 team.

The 63-year-old has been with the Italian marque for 23 years, but a decision by Ferrari’s parent company Fiat-Chrysler to float on the New York Stock Exchange has prompted his departure.

“Ferrari will have an important role to play within the FCA Group [Fiat-Chrysler Automotive] 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,” he said.

“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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He will officially leave the company on October 13th.

Di Montezemolo’s sudden announcement, just days after insisting he wanted to see out the remaining three years of his contract, has likely been pushed by Fiat boss Sergio Marchionne who has been critical of Ferrari’s F1 performance.

Marchionne will become Ferrari’s new chairman and hinted in his statement that change was needed to get the company’s F1 team back on track, even though Ferrari itself is expected to announce record profits this year.

“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.”

In the statement, Di Montezemolo thanked his staff: “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.

“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.”