Ferrari chairman Montezemolo resigns; Marchionne to take over
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September 12,2014
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Ferrari chairman Luca di Montezemolo, who has headed the company for the past 23 years, has announced his resignation from the company. The CEO of Fiat Chrysler Automobiles, Ferrari’s majority owner, Sergio Marchionne, will take over in October. The move was announced as a preparation for the listing of Fiat Chrysler Automobile Group on Wall Street. Reports say that Montezemolo clashed with Marchionne over the Fiat boss’ plans to integrate Ferrari’s technology with Fiat’s premium cars. This led some pundits to draw up drawings for a Ferrari minivan and SUVs for the American market.
Montezomolo led the ascent of the Italian car manufacturer into the very top of the luxury car industry. He was hired by Enzo Ferrari himself to head the Formula One team in 1973. They propelled Niki Lauda to a World Championship in 1975.
The road car operations are a record high, with revenues of 1.349 billion euro in the first half of 2013. Ferrari is perhaps the only car company that can record an increase in revenues and profit while cutting production: 3631 cars in first half 2014, 3.6% fewer than the same period in 2013.
Montezomolo’s resignation comes as the Ferrari Formula One team endures a slump in performance, with no victories yet in 2014.
The announcement was made in a press room adjacent to the Ferrari Museum in Maranello. He thanked those responsible for Ferrari’s success, including Jean Todt and Michael Schumacher, architects of Ferrari F1’s success in the 1990s and early 2000s.
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. But my thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia’s most difficult moments.”
Fiat Chrysler Automobiles CEO Sergio Marchionne who takes his place after what Montezomolo described as his “last day of school”, October 13th.
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