Ferrari Chairman Quits After More Than Two Decades

Luca Cordero di Montezemolo, Chairman of Ferrari quits after 23 years just days after long running disagreements with its owner spilled into public view. A week ago in Monza, he intended to serve another three years and would decide on the date of his departure. This will be effective from October 13th this year.

His departure follows a poor season on the track by the Ferrari F1 team and disagreements with Sergio Marchionne, CEO of the parent company, FIAT.

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The recent Italian Grand Prix was the worst result of the year for Ferrari as Fernando Alonso retired with a hybrid system failure and Kimi Raikkonen finished ninth. At the moment, Ferrari stand at number four in the constructors championship, having not been in first place since 2008 and not winning a single race this season.

During the years 2000 to 2004, Ferrari stood first in the Constructors Championship and had 57 race wins with Michael Schumacher winning the Driver's Championship.

James Allen, BBC 5's F1 commentator says that Di Montezemolo has turned the whole business around and made Ferrari into one of the most profitable car manufacturers in the world. With Michael Schumacher on their side, they were unbeatable.

Marchionne says that the F1 results are just unacceptable and absolutely non-negotiable and the Ferrari team should be winning races and Constructors Championships.

Montezemolo, who has been the Chairman of Ferrari since 1991 says that It is the most wonderful company in the world and it has been an honour to have been its leader.

During Montezemolo's time in the company, Ferrari had increased its revenues ten-fold and tripled its sales volumes as the Italian car manufacturer turned out to be the world's most powerful brand.

F1 supremo Bernie Ecclestone who is 83, said he first met Luca in 1973. He says it's a pity he's leaving and Formula 1 is going to miss him.

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