Di Montezemolo cited the FCA Group’s “upcoming flotation on Wall Street” as the primary reason for his departure, saying he believes FCA CEO Marchionne should spearhead the company in preparation.
The outgoing Ferrari boss released an emotional statement overnight, saying “Ferrari is the most wonderful company in the world”.
“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,” Mr di Montezemolo said.
“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. But my thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia’s most difficult moments.”
Di Montezemolo’s departure is not entirely unexpected, as he and Marchionne have reportedly clashed on the future direction of Ferrari.
Marchionne views Ferrari as a key ingredient in FCA’s future expansion plans, with the Italian carmaker set to release four new models in four years and potentially increase annual production.
Di Montezemolo, on the other hand, has made no secret of his desire to make the Ferrari brand more exclusive; aiming to lift profits without increasing sales.
The future for 67 year-old di Montezemolo is unclear, as the outgoing Chairman revealed nothing in his statement about his next move.
Instead, di Montezemolo wished everyone at Ferrari well and hoped for “many more years of success that Ferrari deserves”.
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