Ferrari President Luca Di Montezemelo to step down next month

Luca Di Montezemelo

Ferrari president Luca Di Montezemelo will resign from the company after a disastrous season for the team. He was criticised by Sergio Marchionne for leading the team during such a slump.

The 67-year old Montezemelo was under contract for three more years, and was credited for changing Ferrari’s fortunes since 1991. He will leave on October 13 following the company's 60th anniversary celebration of sales in the United States.Marchionne, chief executive of the parent company Fiat will replace him. Marchionne criticised Montezemelo for failing to win a constrcutors’ title since 2008. “The important thing for Ferrari is not just financial results but also winning – and we have been struggling for six years,” said Marchionne.

Montezemelo said in a statement “Ferrari will have an important role to play within the Fiat Chrysler 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.”

Montezemolo also thanked “the exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world”.

He added: “They were the real architects of the company’s spectacular growth, its many unforgettable victories and its transformation into one of the world’s strongest brands.”