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Montezemolo era comes to an end at Ferrari
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AFTER more than two decades presiding over one of the biggest and most successful teams in Formula One, Luca Di Montezemolo is stepping down as president of Ferrari.
The 67-year-old Montezemolo spent 23 years as president of the Italian car manufacturer, and oversaw Michael Schumacher winning five F1 titles and Kimi Raikkonen another.
But a recent decline, culminating at last week’s Italian Grand Prix where Ferrari failed to put a car on the podium in its home race for the first time since 2008, led to Montezemolo’s departure.
“We are coming out of an awful year because we underestimated the difficulty and the importance of the new motors,” Montezemolo said on Wednesday at Ferrari headquarters. “There are all the foundations for relaunching a new cycle in Formula One. There are all the foundations to start winning again. We have had extraordinary and difficult moments. I thank the fans and I am convinced that there will be the maximum effort to take Ferrari back to where it belongs.”
Montezemolo will officially leave on October 13, about the same time as the stock listing of merged parent company Fiat-Chrysler, and will be replaced by that company’s CEO, Sergio Marchionne.
Fiat has a 90 percent controlling stake in Ferrari.
Montezemolo will receive nearly 27 million euros (nearly US$35 million) in compensation from Ferrari as his severance package. That figure includes a post-mandate indemnity, which was agreed in 2003, of 13.7 million euros (US$17.7 million), payable in 20 years, as well as the sum of 13.2 million euros (US$17.1 million) which is to be paid by the end of January and is “in consideration of his commitment not to engage in activities in competition with the Fiat Group during the period to March 2017.”
Montezemolo joined Ferrari four decades ago, brought in by founding father Enzo Ferrari as his assistant.
After a brief period away from the company, he returned as president in 1991 and the team won six drivers’ titles and eight constructors’ titles.
“It’s an important day because after 23 years (as president), which have passed very quickly, today I’m presenting my resignation from Ferrari,” Montezemolo said at a news conference, often appearing to be struggling to hold back tears.
“I’m resigning because I think a very important era for the company has ended. Thanks to the results, thanks to the strength of Ferrari itself, another cycle is opening and I hope it will be even more important, new and different.”
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