500 Madness
  • Ferrari Head Montezemolo Resigns


    Montezemolo quits Ferrari, Fiat CEO Sergio Marchionne to become new Chairman

    Luca Cordero di Montezemolo has announced his intention to resign as Chairman of Ferrari with effect from October 13th following completion of Ferrari’s celebration of 60 years in America.

    Fiat CEO, Sergio Marchionne, will take over as Chairman of Ferrari.

    Since 1991, Ferrari achieved significant results under Montezemolo’s chairmanship in terms of both financial performance and its standing in the world of racing. Under his leadership, Ferrari boasted a world-class team and numerous record-setting achievements.

    “On behalf of my family and myself, I would like to thank Luca for all he has done for both Fiat and Ferrari”, said Fiat Chairman, John Elkann. He held several key positions with the Group, including serving as Chairman of Fiat from 2004 to 2010, and we shared many challenging but also rewarding moments. Luca leaves us with my most sincere and heartfelt wishes for his future professional endeavors and the hope, I am certain shared by us both, that Ferrari will return to victory very soon.”

    “Luca and I were appointed to the Fiat Board of Directors on the very same day back in 2003”, said Fiat CEO, Sergio Marchionne. “One year later, he became Chairman and I became CEO. We worked side by side, sharing concerns, difficulties and successes. As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results. 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. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally.”

    Turin, 10 September 2014


    Statement from Ferrari Chairman Luca di Montezemolo

    “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.

    My thanks, first and foremost, to the exceptional Ferrari women and men from the
    factory, the offices, the race tracks and the markets across the world. 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.

    A warm farewell and my thanks also to all of our technical and commercial partners,
    our dealers across the globe and, most particularly, the clients and collectors whose
    passion I so wholeheartedly share.

    But my thoughts go also to our fans who have always supported us with great
    enthusiasm especially through the Scuderia’s most difficult moments.

    Ferrari is the most wonderful company in the world. 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.”

    Maranello, 10th September 2014.

    Comments 5 Comments
    1. SeaDawg's Avatar
      SeaDawg -
      That sure didn't take long.
    1. Terry's Avatar
      Terry -
      Well, he had a good run but he couldn't see eye to eye with Marchionne and the F1 team has been abysmal of late so after 23 odd years he was given the push. Let's not weep too much for Luca,however as he reportedly has a 500 mil euro golden parachute and a new top level job with Alitalia...He remains part of FIAT / Ferrari history with his personal connection to Enzo and the Agnelli family...As he said in parting, "Ferrari is American now", and with Haas F1 becoming a junior team to the Scuderia, this has a ring of truth to it...
    1. JimmyTestarossa's Avatar
      JimmyTestarossa -
      I wonder how long until Marco Mattiacci becomes the new top guy?

      When that happens (not 'if'), who is going to run the F1 team? Hmmmm....
    1. 500ways's Avatar
      500ways -
      Change is good - things need to be dusted off every so often...


      A Ferrari tifoso until death do us part
    1. ABARTH TAMER's Avatar
      "My thanks, first and foremost, to the exceptional Ferrari women and men" Nice that he put the ladies first, hope that wasn't part of the problem.