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Montezemolo to get $34 million payout from Ferrari
Luca di Montezemolo
Luca Cordero di Montezemolo, Fiat Chrysler's outgoing chairman of its sports car division Ferrari will receive a combined severance package of $34.8 million, with nearly half to be paid in a lump-sum by next February, the company announced.
Montezemolo, chairman of Italian luxury sports car maker Ferrari, is quitting to be replaced by the boss of parent group Fiat after the two men clashed over strategy and the Formula One team's poor results.
In a statement, Fiat said Di Montezemolo will receive a lump-sum payment of $17 million by January 31, 2015 in return for agreeing not to compete with Fiat until March 2017.
Fiat also said Di Montezemolo will receive...
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10y ago from GrandPrix247.com
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