Ferrrai chairman quits after poor Formula One 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.
Longer term, however, the question is whether the 62-year-old Italian-Canadian, whose pedigree is in the mass-market world of Fiat and Chrysler, can maintain the cachet of the Ferrari brand. Ferrari has so far kept a tight lid on volumes, limiting production to 7,000 cars per year as a way to preserve the exclusivity of its cars.
But Marchionne said during a news conference on Wednesday this number could be raised gradually.
Under Montezemolo, whose penchant for exquisitely tailored suits is a stark contrast to Marchionne's casual, no-tie college student look, Ferrari raced to the top of the Formula One grid.
The glow of Ferrari's victories on the racetrack increased revenues tenfold and tripled sales volumes, helping the Italian family business whose blood-red cars were snapped up by the super-rich become one of the world's most powerful brands.
But Montezemolo's relationship with Marchionne had soured in recent years, because of disagreements over the role of the luxury sports car business within the Fiat group, people with knowledge of the situation said.
