The outgoing Ferrari Chairman, Luca Cordero di Montezemolo, will be paid 27 million euros, five times his annual pay as severance package by the parent company Fiat.
67 year old Luca, who headed Ferrari for 23 years as Chairman, decided to step down after a very poor season of racing in Formula 1.
Luca will be paid five times his annual salary, around 13.71 million euros, over a period of 20 years and another 13.25 million euros to not compete against the Fiat group till the year 2017.
The top position of the super luxury car manufacturer will be taken over by Sergio Marchionne, the head of Ferrari's parent company, Fiat.
During his time as Chairman, Ferrari had won the world title in Formula 1 six times and multiple Constructors Championships as well. During the last Italian Grand Prix, team Ferrari's Kimi Raikkonen finished ninth and his team mate Fernando Alonso retired with a fault in the car.
Presently, Ferrari stands at the fourth place in the Constructors Championship. Since 2008, Ferrari has been having trouble competing with other teams like Red Bull Racing and Mercedes.
Ferrari's revenue increased ten-fold and sales went up another three-fold during Luca's period. He will step down, with effect from 13th October this year.
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