Luca De Montezemolo quits as Ferrari Chairman

  • Sep 10, 2014
[caption id="attachment_11319" align="alignnone" width="580"]Luca De Montezemolo Luca De Montezemolo[/caption]

Luca Cordero De Montezemolo, longstanding Chairman of Ferrari has resigned from his position which he will vacate on the 13th of October 2014. Luca De Montezemolo has been chairman of the aspirational brand that is Ferrari, for 23 years since 1991. Sergio Marchionne, Fiat CEO will be taking over Montezemolo’s position.

“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,” said Luca De Montezemolo.

“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,” added Montezemolo.

Rumour as well as reports floating around have stated that disagreements between Montezemolo and Marchionne about Ferrari’s F1 team’s performance as well as future of the road car division have led to the Montezemolo’s decision.

Ferrari’s profitability and brand value are at an all time high at the moment, something Luca De Montezemolo has to be credited for. He has worked in various positions in Fiat before becoming the Chairman of Ferrari.

Luca De Montezemolo thanked and bid farewell to everyone in the Ferrari family from women and men in the factory, offices, race tracks and markets across the world. He also acknowledged technical and commercial partners, clients, collectors and fans worldwide.

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