After 23 years of serving as chairman of Ferrari, as well as leading its F1 team in the 1970s, Luca di Montezemolo made the surprise
announcement that he would be stepping down, after the company completed its first stock flotation, in October.
According to Montezemolo,”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. This is the end of an era, and so I have decided to leave my position as chairman after almost 23 marvelous and unforgettable years in addition to those spent at Enzo Ferrari’s side in the 1970s.”
Speculation has been rampant that Montezemolo and FIAT group boss Sergio Marchionne have increasingly been at odds over a number of key issues including Ferrari’s lackluster Formula One performance and Marchionne’s reputed interest in maximizing Ferrari profits by expanding the brand and increasing production.
In his announcement, Montezemolo concluded,”Ferrari is the most wonderful company in the world. It has been a great privilege and honor 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.”
