Luca di Montezemolo to step down as Ferrari president

Long serving Ferrari president, Luca Cordero di Montezemolo has announced that he will leave the Formula One team next month. The 67-year-old was under pressure to quit from Sergio Marchionne, the chief executive of parent company Fiat.

By Jayanta Oinam | Updated: Sep 10, 2014, 14:00 PM IST
Luca di Montezemolo to step down as Ferrari president

New Delhi: Long serving Ferrari president, Luca Cordero di Montezemolo has announced that he will leave the Formula One team next month. The 67-year-old was under pressure to quit from Sergio Marchionne, the chief executive of parent company Fiat.

A popular figure in the Formula One paddock, Montezemolo has been credited with turning Ferrari around, joined the Italian stable in the early 70s and served as an assistant to Enzo Ferrari, then in various high profile roles.

However, his actual role as the president of Ferrari arrived in November 1991, personally hand-picked by FIAT Chairman Gianni Agnelli for the post. With Jean Todt as the executive director of the team, they won the World Drivers Championship in 2000, the first time since 1979.

Besides, he also helped the Ferrari become a household name in the highly lucrative motor sports world, thanks to their domination in Formula One. Today, Ferrari is undoubtedly one of the most powerful brands in the world. However, they have failed to win a drivers' or constructors' title since 2008.

On the sidelines of the recent Italian Grand Prix, Montezemelo said that he recognised there was speculation about his possible exit from Maranello with escalating differences between him and Marchionne over strategy and the role of the luxury sports car business within the Fiat group.

"I’ve heard a lot of rumours regarding myself. This is often happening in the summer in Italy, maybe this time is a little bit too much. I am working, I am here not to have a vacation, I am here because we are working very hard,” he added.

Marchionne will replace Di Montezemolo, who leaves the role on 13 October.

With Agency inputs