Luca Di Montezemolo to Step Down as Ferrari President

September 10, 2014

Ferrari are set to lose a long-term servant as President Luca Di Montezemolo revealed he would step down from the role after 23 years.

FIAT CEO Sergio Marchionne is set to take over his position.

Montezemolo confirmed the news in a statement released on Wednesday morning, despite dismissing the rumours during the Italian Grand Prix weekend. 

“Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street,” Montezemolo said. “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.” 

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