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F1: Ferrari chief Luca di Montezemolo set to quit

Rome: Ferrari shockingly announced yesterday that its president of 23 years, Luca Cordero di Montezemolo, has been pushed out after a boardroom split, and will step down on October 13.

Fiat boss Sergio Marchionne (left) & Ferrari chief Luca Montezemolo
Fiat boss Sergio Marchionne (left) & Ferrari chief Luca Montezemolo

Ferrari's poor F1 show in the last six years, combined with strategic clashes between Fiat and Montezemolo led experts to tip his exit. The decision not to appoint Montezemolo to the new board of the merged Fiat Chrysler Automobiles also suggested his exit.

"Our desire to see Ferrari express its full potential on the track led to certain mutual misunderstandings. I want to thank Luca for everything he's done for Fiat, Ferrari, and myself," said new chief Sergio Marchionne.

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