Life in the fast lane comes to a halt as Ferrari Chairman steps down

Ferrari chairman Luca Di Montezemolo has announced his decision to quit his post after 23 years at the top. It has been a turbulent season for the Formula One team, having performed below-par on the track, as well as debates with Sergio Marchionne, chief executive officer of parent company Fiat.

They issued a statement detailing Di Montezemolo’s abdication, which included who will succeed the 67-year-old.

“Luca Cordero di Montezemolo has announced his intention to resign as chairman of Ferrari with effect from October 13th following completion of Ferrari’s celebration of 60 years in America. Fiat CEO, Sergio Marchionne, will take over as chairman of Ferrari”

Di Montezemolo has worked wonders with Ferrari as a car company and a brand, with the illustrious Italian motor manufacturer expected to release record results soon. However, the Formula One team have floundered on the circuit recently, and are massive 1000/1 outsiders with Coral to win the Constructors’ Championship, with Fernando Alonso also 1000/1 to win the Drivers’ Championship.

Fiat chairman John Elkann paid tribute to Di Montezemolo’s contributions and efforts throughout his tenure: “On behalf of my family and myself, I would like to thank Luca for all he has done for both Fiat and Ferrari.

“Luca leaves us with my most sincere and heartfelt wishes for his future professional endeavours and the hope, I am certain shared by us both, that Ferrari will return to victory very soon.”

Di Montenzemolo added: “Ferrari is the most wonderful company in the world. It has been a great privilege and honour to have been its leader,” he added.

“I devoted all of my enthusiasm and commitment to it over the years. Together with my family, it was, and continues to be, the most important thing in my life.

“I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the company the many more years of success that Ferrari deserves.”