Ferrari Chairman Luca di Montezemolo steps down; Fiat CEO Sergio Marchionne to be the new boss

Ferrari chairman Luca di Montezemolo stepped down from the Ferrari Formula 1 team and Ferrari car company. Montezemolo issued a statement saying that he will end his 23-year spell at Maranello. He also mentioned that his decision came from the fact of flotation plans of the parent company FCA ( Fiat Chrysler Automobiles ) to the New York Stock Exchange next month. Fiat CEO Sergio Marchionne will take over as Ferrari president.

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.

"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." Though he will stay until the flotation on October 13.

A week of speculation comes to end, as only last Wednesday the 67-year-old di Montezemolo said he had no intention of stepping down. In fact he said, an offer was made on March which stated that he can remain in his position for three more years.

Fiat CEO Sergio Marchionne, who earlier made clear that the performance of Ferrari's F1 team was 'unacceptable'. Marchionne said, "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 a thanking tone to all the Ferrari staff with special reference to Enzo Ferrari's son Piero, Di Montezemolo said "Ferrari is the most wonderful company in the world and 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."

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