SEPTEMBER 10, 2014

Montezemolo announces Ferrari exit

Luca di Montezemolo has ended the intense speculation about his future by announcing his departure as Ferrari's long-time president.

In a media statement on Wednesday, the 67-year-old said it is the "end of an era" for Ferrari ahead of the floatation of the Fiat-Chrysler group in New York.

"This will open up a new and different phase which I feel should be spearheaded by the CEO of the group," said Montezemolo, referring to Sergio Marchionne.

"Ferrari is the most wonderful company in the world," he added. "It has been a great privilege and honour to have been its leader."

(GMM)