Breaking news: Luca di Montezemolo quits Ferrari Chairman position image

Following recent rumors and the reports about the clashes with Fiat Chrysler Automobiles CEO Sergio Marchionne, the long-running Ferrari Chairman di Montezemolo has announced his retirement.

He announced in a release he will be stepping down from his management position on October 13, with his replacement being none other then FCA parent’s chief executive – Sergio Marchionne. The long running executive held the position of Ferrari Chairman for “23 unforgettable years.”

“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. 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,” commented di Montezemolo in an official statement.

The 67-year old Italian also expressed gratitude to the “exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world.”

While just days ago the former Ferrari Chairman expressed his availability for the position for another three years, it looks like Sergio Marchionne’s “no one is indispensable” opinion prevailed in the eyes of the automaker’s board of directors. The two clashed on failing results in the Formula One championship and di Montezemolo’s desire to cap the production of Ferrari cars to maintain exclusivity.