Ferrari President Luca Di Montezemolo, who "transformed the famous Italian brand into the premier luxury car maker in the world, returning the Formula One team to the top in the process," has stood down after 23 years at the helm, according to Daniel Johnson of the London TELEGRAPH. The news was "widely expected after a very public rebuke from the boss of the parent company, Fiat, after a dismal performance" from the Scuderia in Sunday's Italian Grand Prix. Di Montezemolo made the announcement "just a day before Ferrari were preparing to announce record profits, but the F1 team has fallen on hard times." It is the second "major upheaval in the team in the space of six months." Stefano Domenicali left as team principal, "and now the top boss has gone, leaving a major rebuilding operation." It is thought he will "move on to take over as boss of the Alitalia airline" (
TELEGRAPH, 9/10). The BBC reported Di Montezemolo's departure follows disagreements with Fiat CEO Sergio Marchionne. Marchionne will replace di Montezemolo, "who leaves the role" on Oct. 13. BBC F1 commentator James Allen said, "Di Montezemolo has turned the whole business around and made Ferrari into one of the most profitable car manufacturers in the world." Di Montezemolo had insisted at the weekend that "reports he was to step down later this year were premature" (
BBC, 9/10). In N.Y., Sylvers and Robinson wrote while it is "not yet clear" what Marchionne plans to "change at Ferrari, there is unlikely to be a significant shift in strategy -- specifically the company's decision to cap production at about 7,000 vehicles a year to maintain exclusivity," according to analysts (
WALL STREET JOURNAL, 9/10).
LOOKING AHEAD: In London, Rachel Sanderson reported Montezemolo had brought Ferrari to a "new level of technological and organisational excellence that brought with it outstanding financial results." But he admitted to "misunderstandings" between the two "over how to improve Ferrari’s Formula 1 performance." Meanwhile, expectations that Montezemolo "may not be out of a job for long" rose after Alitalia shareholder and creditor UniCredit CEO Federico Ghizzoni said that the departing Ferrari chairman could be a "good name" for the same position at the Italian airline, "which is set to have Abu Dhabi-based Etihad Airways as its largest shareholder" (FINANCIAL TIMES, 9/10). REUTERS' Flak & Rebaudo reported Marchionne hopes the "allure of Ferrari, one of the world's strongest luxury brands, will help drive U.S. investor interest in the new automaker." Marchionne said there were no plans for a Ferrari IPO "nor to fold Ferrari into the Fiat group." He also said that winning on the F1 track was "an essential part" of the Ferrari brand and a "non-negotiable target" for the group (REUTERS, 9/10). BLOOMBERG's Tommaso Ebhardt wrote Marchionne "tightened his grip on the automaker by grabbing the top job at super-car brand Ferrari ahead of the group's Wall Street listing." Bocconi University professor Giuseppe Berta, a former head of Fiat's archives, said, "It's even more of a one-man show with Montezemolo leaving. Sergio has the final word on every piece of the cake, and Ferrari is the icing on top" (BLOOMBERG, 9/10).
