LUCA DI MONTEZEMOLO BIDS EMOTIONAL FAREWELL TO FERRARI | OCT 10, 2014

“Ciao #Ferrari the most beautiful company in the world made by outstanding people.”

These were the parting words in a tweet from Luca di Montezemolo on his last day as Chairman of Ferrari, after 23 years. From Monday, Sergio Marchionne takes over and we expect that soon after that it will be announced that world champion Sebastian Vettel is to join the team next season.

Monday sees the flotation of the new FIAT Chrysler Automobiles on the New York Stock exchange, the stepping off point for Montezemolo in his long association with the FIAT company and Ferrari.

Montezemolo said goodbye to the staff at Maranello at the end of this week, with 2,000 employees gathered to hear his farewell speech. Also present was Piero Ferrari, the son of founder Enzo Ferrari, who is a 10% shareholder. One of the possible changes coming at Ferrari in the Marchionne era is a stock market flotation, which could yield Piero Ferrari a sizeable windfall in the hundreds of millions of euros.

Montezemolo’s tenure has been successful on track and in the road car world, with record sales figures announced recently and 14 world championships for drivers and constructors as chairman, to add to the three constructors and two drivers titles he won as Ferrari team manager in the 1970s.

James Allen on F1

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