Ferrari Chairman Luca di Montezemolo will step down due to a conflict with Marchionne

Article by Andrew Christian, on September 9, 2014

Although he led Ferrari for more than 20 years, it appears that Chairman Luca Cordero di Montezemolo will leave the supercar manufacturer due to a conflict over strategy with Sergio Marchionne. According to inside sources, Montezemolo will step down later this year and currently he has to agree on a severance package.

On September 11, Ferrari’s board will meet in order to review the first-half results and we suspect that the final decisions will be taken during that meeting. As you may know already, Ferrari’s Montezemolo has a strategy where he limits the sales to 7,000 units per year to protect brand's uniqueness.

Meanwhile, Marchionne wants to expand in luxury cars to better compete with the Volkswagen Group, which owns Bentley, Bugatti and Lamborghini. So, it’s easy to understand the conflict and Marchionne didn’t hide anything when he criticized the performances of Ferrari’s Formula One team.

Marchionne also added that nobody is indispensable, a hint that Ferrari could build supercars without Montezemolo. The latter also told his close associates that Ferrari is now American and this could be the end of an era.

Honestly we loved what Luca Cordero di Montezemolo did with Ferrari but these days everything is about money… too bad! [source: automotive news - sub. required]

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