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Ferrari chairman quits
Ferrari chairman Luca Cordero di Montezemolo is quitting the Italian sports car maker to be replaced by the boss of parent group Fiat, Sergio Marchionne, after the two auto industry heavyweights clashed over strategy and the Formula One team's poor results. Long-serving Montezemolo, a protege of Fiat's founding Agnelli family, will formally step down on October 13, the day that Marchionne plans to list the newly merged Fiat Chrysler Automobiles (FCA) in New York, Fiat and Montezemolo said in separate statements. Under Montezemolo's tenure, Ferrari raced to the front of the Formula One grid, increased revenues tenfold and tripled sales volumes, helping the Italian family business become...
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10y ago from SuperSport.com
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