Ferrari president Montezemolo to leave the company

After more than two decades presiding over one of the biggest and most successful teams in Formula One, Luca Di Montezemolo is stepping down as president of Ferrari.
The 67-year-old Montezemolo spent 23 years as president of the Italian car manufacturer, and watched as Michael Schumacher won five F1 drivers’ titles and Kimi Raikkonen another.
But a recent decline, culminating at last week’s Italian Grand Prix when Ferrari failed to put a car on the podium in its home race for the first time since 2008, led to Montezemolo’s departure.
“We are coming out of an awful year because we underestimated the difficulty and the importance of the new motors,” Montezemolo said Wednesday at Ferrari’s headquarters. “There are all the foundations for relaunching a new cycle in Formula One. There are all the foundations to start winning again.
“We have had extraordinary and difficult moments. I thank the fans and I am convinced that there will be the maximum effort to take Ferrari back to where it belongs.”
Montezemolo will officially leave on Oct. 13, about the same time as the stock listing of merged parent company Fiat-Chrysler, and will be replaced by that company’s CEO, Sergio Marchionne. Fiat has a 90 percent controlling stake in Ferrari. Daniella Matar, Maranello, AP