UPDATE: Video interview with Luca di Montezemolo added.
Ferrari chairman Luca di Montezemolo has confirmed his resignation from the top post at the Italian sports car manufacturer and race team, a role he has enjoyed for the past 23 years. The 67-year-old explained that Ferrari is transitioning into a new era, due to the upcoming floating of parent company Fiat Chrysler Automobiles on the New York Stock Exchange, and that in this new era control of Ferrari should be in the hands of FCA CEO Sergio Marchionne.
“Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street,” di Montezemolo said in a statement. “This will open up a new and different phase which I feel should be spearheaded by the CEO of the group.”
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Today’s confirmation ends recent talk of di Montezemolo’s resignation, which is in part due to conflict with Marchionne’s own goals for Ferrari. di Montezemolo has attempted to maintain Ferrari as an autonomous unit, despite Fiat owning 90 percent of the company, and there’s been talk Marchionne wants to reverse the decision to limit Ferrari’s annual sales to 7,000 unitsand further integrate the company with FCA.
Furthermore, Marchionne has been displeased with Ferrari’s performance in Formula One of late, stating that the performance has been “unacceptable” and that “everyone can be replaced,” including those at the top. The team hasn't won a Drivers' Championship since 2007, despite having one of the biggest budgets in the sport.
"Luca and I have discussed the future of Ferrari at length," Marchionne said today. "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—I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally."
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Even away from the automotive world, di Montezemolo has had success in a range of activities including running the Cinzano drinks company, helping launch Italy’s first America’s Cup yacht, and managing the committee in charge of the 1990 football World Cup in Italy. He's also had a hand in controlling some of the world’s biggest luxury firms.
More recently, di Montezemolo has helped launched Europe’s first privately-funded high-speed train service, Nuovo Trasporto Viaggiatori. He’s also been rumored to be eyeing a role in Italian politicsas well as running the country’s struggling airline Alitalia, 49 percent of which was just sold to Abu Dhabi’s Etihad. Former Fiat executive Silvano Cassano has just been named CEO of Alitalia, so perhaps we’ll see di Montezemolo there as well.
Hit the next page to view di Montezemolo’s resignation statement in full.