Ferrari Head Luca Di Montezemolo to Step Down After 23 Years, Sergio Marchionne to Replace him

Updated: 10 September 2014 17:26 IST

Ferrari is a subsidiary of the Fiat Group, which Luca Montezemolo, aged 67, chaired from 2004 until 2010. The top job at Ferrari, a high-profile name in Formula One car racing, will be taken over by the head of Fiat, Sergio Marchionne, the statement said.

Ferrari Head Luca Di Montezemolo to Step Down After 23 Years, Sergio Marchionne to Replace him
A file photo taken on March 1, 2011 at the Geneva car show shows Ferrari President Luca Cordero di Montezemolo (L) standing next to Chrysler and Fiat CEO Sergio Marchionne. © AFP

Rome:

The president of the Italian Ferrari luxury sports car company, Luca Cordero di Montezemolo, is to leave his post on October 13, the Fiat auto group announced on Wednesday, just days after the executive said he wanted to stay.

The top job at Ferrari, a high-profile name in Formula One car racing, will be taken over by the head of Fiat, Sergio Marchionne, the statement said.

Ferrari has been unsuccessful in Formula One racing for six years. (Also read: Ferrari's fall in F1 causing corporate concern)

On Saturday, Montezemolo said he wanted to spend another three years in the job.

Ferrari is a subsidiary of the Fiat Group, which Montezemolo, aged 67, chaired from 2004 until 2010.

The statement said he would leave the job at Ferrari, which he has held for 23 years, at his own request at the end of celebrations marking the 60th anniversary of the company's presence in the United States.

Topics : Ferrari Formula 1
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