Ferrari boss Luca Di Montezemolo resigns

Ferrari is one of the most powerful and admired brands on the planet. Its cars have been flying off the shelf and the company has recorded record profits in recent years. Despite all this, all is not well with Ferrari especially on the racing front. The Ferrari Scuderia F1 team has gone without a constructor title since 2008 and this is being cited by many as the hidden reason behind the Ferrari head honchos resignation.

Word is that there was dispute between Montezemolo and Sergio Marchionne, CEO of Ferrari’s parent company Fiat and this has led to his departure. Luca Di Montezemolo said this in his official statement, “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.”

The Ferrari boss thanked all the employees working in different positions across the globe and applauded them as the true architects of the company’s spectacular growth. He also made reference to the Scuderia teams’ supporters and acknowledged their support and enthusiasm in the team’s most difficult moments.

He also said, “This is the end of an era and so I have decided to leave my position as Chairman after almost 23 marvelous and unforgettable years in addition to those spent at Enzo Ferrari’s side in the 1970s.” The Ferrari chief who is 67 years of age has played a huge role in the formation of the company that is such a huge brand today. He was the man who brought the company its F1 winning streak in the nineties by hiring Michael Schumacher and Team Principal Ross Brawn. October 13 will be Montezemolo’s last day in office and he will be sorely missed at the headquarters of the Prancing Horse.


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