Ferrari Boss Calls It Quits
Ferrari’s long-standing Chairman, Luca Cordero di Montezemolo, has announced that he will be stepping down as of October 13th.
In his wake, Fiat CEO Sergio Marchionne will take over the position.
Clashes between Montezemolo and Fiat executives have escalated over the past year, after the two organizations disagreed on future plans. Marchionne wants to use Ferrari to expand its presence in luxury cars, to compete better with Volkswagen which owns Lamborghini. On the flip side, Montezemolo wants Ferrari to maintain its autonomous status within the Fiat umbrella of companies and to limit sales at 7,000 units a year.
SEE ALSO: Ferrari Chairman Preparing to Step Down
“Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase, which I feel should be spearheaded by the CEO of the Group,” said Montezemolo.
Montezemolo served for 23 years at the helm of Ferrari, which is now 90 percent-owned by Fiat.
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Stephen covers all of the day-to-day events of the industry as the News Editor at AutoGuide, along with being the AG truck expert. His truck knowledge comes from working long days on the woodlot with pickups and driving straight trucks professionally. When not at his desk, Steve can be found playing his bass or riding his snowmobile or Sea-Doo. Find Stephen on <A title="@Selmer07 on Twitter" href="http://www.twitter.com/selmer07">Twitter</A> and <A title="Stephen on Google+" href="http://plus.google.com/117833131531784822251?rel=author">Google+</A>
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I would hate to see the brand watered down. I don't understand the argument for a broader market-aren't they already doing that with Maserati? I suspect that one reason the Maserati's aren't selling as well is the lack of an available manual transmission (3 pedals and a stick shift). In my view a car line with no manual transmission is not a driver's car.
Uh oh, did Montezemolo speak too fast when he said there will never be a 4 cylinder Ferrari? Will Ferrari components be made at the idled Yugoslavian factory?