Ferrari CEO rage quits, calls the brand 'American'
Marchionne to run the show.
By Zach Bowman September 10, 2014
Road & Track
Bloomberg reports Ferrari CEO Luca Cordero di Montezemolo has resigned from the automaker after 23 years at the helm. He’ll serve until October 13. Montezemolo quit after disagreeing with parent company Fiat CEO Sergio Marchionne over Ferrari’s future. Marchionne wants Ferrari to play a larger role in the development and production of high-end luxury cars to help Fiat compete with Volkswagen. Montezemolo wants to keep Ferrari exclusive, producing around 7,000 cars a year.
Last weekend, Marchionne criticized the Ferrari F1 team’s performance, saying it was “unacceptable.” He went on to comment on Montezemolo’s determination to continue running Ferrari, saying, “nobody is indispensible.”
Montezemolo chose to leave rather than let the axe fall. Bloomberg quoted the Ferrari CEO as saying “Ferrari is now American.” He also said it was, “the end of an era.”
Marchionne will take over as Ferrari CEO when Montezemolo steps down.
http://www.roadandtrack.com/go/news/ferrari-ceo-rage-quits-calls-the-brand-americanMontezemolo will receive a
$35 million severance from Fiat.
