Ferrari Boss Calls it Quits

Ferrari’s long-standing Chairman,  Luca Cordero di Montezemolo, has announced that he will be stepping down as of October 13th.

In his wake, Fiat CEO Sergio Marchionne will take over the position.

Clashes between Montezemolo and Fiat executives have escalated over the past year, after the two organizations disagreed on future plans. Marchionne wants to use Ferrari to expand its presence in luxury cars, to compete better with Volkswagen which owns Lamborghini. On the flip side, Montezemolo wants Ferrari to maintain its autonomous status within the Fiat umbrella of companies and to limit sales at 7,000 units a year.

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“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,” said Montezemolo.

Montezemolo served for 23 years at the helm of Ferrari, which is now 90 percent-owned by Fiat.

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