Ferrari owner asks for more Formula One wins image

Fiat SpA. CEO, Sergio Marchionne, said that Ferrari’s Chairman, Luca Cordero di Montezemolo wants to make sure the supercar brand’s Formula One team produces more wins.

Ferrari, which ranked fourth in the season’s status after the Italian Grand Prix yesterday, has had, according to Marchionne, performances deemed “unacceptable” in the high-profile racing circuit over the past years.

Ferrari, owned 90% by Fiat, is a key component of Marchionne’s plan to expand in the luxury car department to better compete with Volkswagen AG, owner of Lamborghini and other high-end car brands. Montezemolo, who has been running Ferrari for more than 20 years, clashed with Marchionne over the chairman’s strive to limit the brand’s volumes to safeguard exclusivity, triggering Marchionne to say that nobody is “indispensable.“

Montezemo minimized the speculations about his departure as he gave his “availability to shareholders” to serve as Ferrari’s chief for three more years. Italian newspapers, including Il Messagero, reported that he might actually be named head of Italian airline company Alitalia.

The Fiat CEO also said that Ferrari has the best drivers in Formula One and that it should return to winning on the circuit. This comes after Ferrari’s Kimi Raikkonen placed ninth the yesterday’s race in Monza, while his teammate, Fernando Alonso, did not manage to finish.

By Gabriela Florea