Ferrari chairman to resign

By Manuela Mesco

Departure effective next month

Reuters

Ferrari chairman Luca Cordero di Montezemolo

MILAN — Fiat SpA said Ferrari chairman Luca Cordero di Montezemolo will resign, only days after Chief Executive Sergio Marchionne said the luxury car brand’s Formula One race results were unacceptable.

Marchionne will take over from Montezemolo, whose departure is effective from Oct. 13.

Speaking at a business meeting in Italy last weekend, Marchionne praised Montezemolo for having achieved excellent business results but said he was “sad” that Ferrari hasn’t won any titles since 2008. He that nobody occupying positions of power at the company was indispensable.

“Luca and I have discussed the future of Ferrari at length,” said Marchionne in a statement on Wednesday, “and our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend.”

Montezemolo said in a separate statement that Ferrari will play an important role in the listing of Fiat F, +2.08%   Chrysler Automobiles Group in Wall Street and this new phase “should be spearheaded by the CEO of the group,” said Montezemolo.

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