Luca di Montezemolo, chairman of Ferrari since 1991, set to resign on October 13th; due to be replaced by Fiat CEO Sergio Marchionne

Luca Cordero di Montezemolo will resign from his position as Ferrari chairman on 13 October.

He will be replaced by Fiat CEO Sergio Marchionne. Luca di 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.”

He continued: “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 will also be stepping down from his position in the company’s Formula 1 team.

There are rumours, however, that Montezemolo and Marchionne had clashed over the future of Ferrari’s road car division, as well as issues regarding the F1 team’s recent performance.

A Ferrari spokesperson said: “It shouldn’t affect the company on a day-to-day basis.”

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