After nearly 23 years at the helm of Ferrari, chairman Luca di Montezemolo has announced his resignation. Di Montezemolo will officially step down on October 13, with Sergio Marchionne, chief executive of parent company Fiat, to replace him.
Under Di Montezemolo’s tenure, Ferrari increased revenues 10-fold and tripled sales volumes as the Italian family business grew into one of the world’s most powerful brands.
“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, di Montemezolo says.
“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 says.
In his statement, Montemezolo thanks “all the exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world.” And he adds “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 key reason for di Montemezolo quitting was the bad spell of results for Ferrari which culminated with a bad result last Sunday at Monza and well behind in the championship race. Ferrari have not won a drivers’ or constructors’ title since 2008 and are in the midst of their least competitive season for 20 years.
“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,” he notes.
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