Ferrrai chairman quits after poor Formula One results

Luca Cordero di Montezemolo, chairman of Italian luxury sports car maker Ferrari, is quitting to be replaced by the boss of parent group Fiat after the two men clashed over strategy and the Formula One team’s poor results.

Montezemolo, one of Italy's best-known and most colourful businessmen and a protege of Fiat's founding Agnelli family, will leave on Oct. 13.

That day, the newly merged Fiat Chrysler Automobiles (FCA) is due to be listed in New York. Fiat Chief Executive Sergio Marchionne hopes the allure of Ferrari, one of the world's strongest luxury brands, will help drive investor interest in the new carmaker.