• Sign in to follow this  
    Followers 0

    Luca di Montezemolo Steps Down As Ferrari Chairman


    • Changing of the guard at Ferrari


    Ferrari's long standing chairman Luca di Montezemolo announced today that he will step down from the company on October 13th. Taking his place for the time being will be Fiat Chrysler Automobiles CEO Sergio Marchionne.

    Montezemolo has a long and storied career at Fiat and Ferrari. He started at Fiat before moving to the prancing horse in 1973. There he became Enzo Ferrari's assistant. A year later, he was named head of the Scuderia (racing division) the following year. Montezemolo worked hard and helped the team reach great success. Because of his efforts with Scuderia, he was name head of Fiat's racing activities. In 1991, Montezemolo was named chairman of Ferrari.

    However, Montezemolo and Marchionne have been clashing over a number of issues. The two biggest issues are Ferrari's F1 team not claiming a championship since 2008 (or a win this year), and where the brand stands under FCA.

    "Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group." said Montezemolo in a statement.

    "Luca and I were appointed to the Fiat Board of Directors on the very same day back in 2003. One year later, he became Chairman and I became CEO. We worked side by side, sharing concerns, difficulties and successes. As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results. Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally," said Marchionne.

    Source: Ferrari

    William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.comor you can follow him on twitter at @realmudmonster.

    Press Release is on Page 2


    Montezemolo quits Ferrari, Fiat CEO Sergio Marchionne to become new Chairman

    Luca Cordero di Montezemolo has announced his intention to resign as Chairman of Ferrari with effect from October 13th following completion of Ferrari's celebration of 60 years in America. Fiat CEO, Sergio Marchionne, will take over as Chairman of Ferrari.

    Since 1991, Ferrari achieved significant results under Montezemolo's chairmanship in terms of both financial performance and its standing in the world of racing. Under his leadership, Ferrari boasted a world-class team and numerous record-setting achievements.

    "On behalf of my family and myself, I would like to thank Luca for all he has done for both Fiat and Ferrari", said Fiat Chairman, John Elkann. He held several key positions with the Group, including serving as Chairman of Fiat from 2004 to 2010, and we shared many challenging but also rewarding moments. Luca leaves us with my most sincere and heartfelt wishes for his future professional endeavors and the hope, I am certain shared by us both, that Ferrari will return to victory very soon."

    "Luca and I were appointed to the Fiat Board of Directors on the very same day back in 2003", said Fiat CEO, Sergio Marchionne. "One year later, he became Chairman and I became CEO. We worked side by side, sharing concerns, difficulties and successes. As Chairman of Ferrari, he drove the company to a new level of technological and organizational excellence which also brought with it outstanding financial results. Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend. I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally."

    Statement from Ferrari Chairman Luca di Montezemolo

    "Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group.

    This is the end of an era and so I have decided to leave my position as Chairman after almost 23 marvellous and unforgettable years in addition to those spent at Enzo Ferrari's side in the 1970s.

    My thanks, first and foremost, to the exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world. They were the real architects of the company's spectacular growth, its many unforgettable victories and its transformation into one of the world's strongest brands.

    A warm farewell and my thanks also to all of our technical and commercial partners, our dealers across the globe and, most particularly, the clients and collectors whose passion I so wholeheartedly share.

    But my thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia's most difficult moments.

    Ferrari is the most wonderful company in the world. It has been a great privilege and honour to have been its leader. I devoted all of my enthusiasm and commitment to it over the years. Together with my family, it was, and continues to be, the most important thing in my life.

    I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the Company the many more years of success that Ferrari deserves."

    Maranello, 10th September 2014.

    Turin, 10 September 2014

    0


      Report Article
    Sign in to follow this  
    Followers 0


    User Feedback


    There are no comments to display.



    Your content will need to be approved by a moderator

    Guest
    You are commenting as a guest. If you have an account, please sign in.
    Add a comment...

    ×   You have pasted content with formatting.   Remove formatting

    ×   Your link has been automatically embedded.   Display as a link instead

    Loading...



  • Popular Stories

  • Today's Birthdays

    1. BowTieFarmer
      BowTieFarmer
      (57 years old)
    2. will75
      will75
      (41 years old)
  • Similar Content

    • By William Maley
      Volkswagen's recent shareholder meeting could be best described as discordant as many shareholders spewed venom at various Volkswagen executives - most being laid on Volkswagen AG Chairman Hans Dieter Poetsch. Bloomberg reports that shareholders grilled various executives on the handling of the diesel emission scandal.
       
      Poetsch received the brunt of the criticism with many shareholders expressing concerns of him overseeing the internal investigation of a mess that began when he was the company's CFO.
       
      “You are a conflict of interest personified,” said Markus Dufner, managing director of the German Association of Ethical Shareholders meeting.
       
      The meeting also featured shouting, arguing, and shareholders trying to remove Poetsch as the chairman of the meeting (which didn't happen).
       
      To be fair to the shareholders, it hasn't been a good week for Volkswagen. On Monday, Reuters learned that German prosecutors were investigating former Volkswagen CEO Martin Winterkorn and an unidentified executive on market manipulation before the scandal broke. It was revealed later in the week the unidentified executive was Volkswagen Brand Chief Herbert Diess.
       
      Yesterday it was revealed that German financial watchdog Bafin filed a complaint with German prosecutors saying the previous management board should be investigated for how long it took the company to disclose the scandal.
       
      So while the fires are dying down on one coast, they are only beginning to heat up on another.
       
      Source: Bloomberg, Reuters
    • By William Maley
      Another leadership shake-up at Alfa Romeo and Maserati has taken place. Today, Fiat Chrysler Automobiles announced Reid Bigland will take over from Harald Wester as the CEO for the two brands. Wester will remain as FCA's chief technology officer, and Bigland will continue as the head of U.S. and Canadian sales.
       
      "I am thankful for the work Harald has carried out in the last few years establishing a sound technical framework for our two premium brands and which has culminated in the recent launch of the Maserati Levante and the Alfa Romeo Giulia" said FCA CEO Sergio Marchionne in a statement.
       
      "It is time now for our efforts to be directed towards the global commercial expansion of these two brands, and I can think of no one better than Reid to fulfill that mission.”
       
      Bigland inherits what can be described as a 'comedy of errors'. The relaunch of Alfa Romeo is considerably over budget according to supplier sources to Automotive News. Meanwhile, countless delays have pushed back the launch of the Giulia (on sale at the end this month for Europe, fall for the U.S.) and Alfa's first SUV - the Stelvio - has been pushed back to early next year. Originally, Alfa Romeo was supposed to have eight models by 2018. This has been pushed back to 2020.
       
      Maserati isn't faring much better with profits falling and a lineup that is aging. The Levante SUV has been plagued by delays. European sales only began this month, with U.S. sales starting in October.
       
      Source: Automotive News (Subscription Required), Fiat Chrysler Automobiles
       
      Press Release is on Page 2


       
      FCA Announces Leadership Changes
       
      Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MTA: FCA) announces the following leadership changes with immediate effect:
       
      Reid Bigland is named as the Chief Executive of the Alfa Romeo and Maserati brands. Reid has held a number of Sales and Brand Leadership positions within FCA, and is currently the Head of US Sales and the Chief Executive of FCA Canada, positions that he will continue to hold.
       
      Harald Wester, who has led the Alfa Romeo and Maserati brands until now, will be able to devote his full attention to the role of Chief Technology Officer for FCA, a role which he held while developing the technical basis for the Maserati and Alfa Romeo products and brands, and which have now achieved a high level of maturity.
       
      “I am thankful for the work Harald has carried out in the last few years establishing a sound technical framework for our two premium brands and which has culminated in the recent launch of the Maserati Levante and the Alfa Romeo Giulia. It is time now for our efforts to be directed towards the global commercial expansion of these two brands, and I can think of no one better than Reid to fulfill that mission. Reid has an extraordinary record of growing sales and market share in the US and Canada over the last 7 years at FCA, including leading the growth and positioning of the Ram and Dodge brands for part of that time.” added Sergio Marchionne, Chief Executive Officer of FCA.
       
      Reid Bigland and Harald Wester will continue to serve on the Group Executive Council (GEC). The Group Executive Council is the highest management body in FCA, and is chaired by the Chief Executive and is comprised of the senior functional and operating heads of the global organization.
    • By William Maley
      Ferrari announced today that the current CEO Amedeo Felisa will step down and Sergio Marchionne will become the new CEO. The changes are effective immediately. The change didn't come as a surprise to most people. Sources tell Reuters that Marchionne being named CEO doesn't change much as he has been in charge since former Chairman Luca Di Montezemolo quit in September 2014.
       
      Felisa has been with Ferrari for 26 years holding various roles including overseeing product development and the general manager of the brand. He was named CEO in 2008. Felisa will still be part of Ferrari's board of directors.
       
      It is unknown what this change will bring to the Italian sports car maker. But considering some of Marchionne's previous comments, it wouldn't be surprising if production is slightly increased and an entry-level sports car comes out.
       
      Source: Associated Press, Reuters, Ferrari
       
      Press Release is on Page 2


       

      Ferrari Announces CEO Succession
       
      Maranello (Italy), 2 May 2016 – Ferrari N.V. (“Ferrari” or “Company”) (NYSE/MTA: RACE) announces the retirement of its Chief Executive Officer, Mr. Amedeo Felisa, after 26 years of dedicated service. Mr. Sergio Marchionne will assume those responsibilities while retaining his current role as Chairman of the Company. Mr. Felisa will continue to serve on the Board of Directors of Ferrari with a specific mandate as technical advisor to the Company.
       
      Sergio Marchionne had this to say: “I have known Amedeo for more than a decade and I have had the opportunity to work with him closely for the last two years. He is beyond any doubt one of the best automotive engineers in the world. During the last 26 years, he has worked tirelessly to fuel and guide Ferrari’s technical development, producing an array of cars which have set the standard for both performance and styling.”
       
      The Board of Directors wants to officially express its gratitude to Amedeo for his contributions and is delighted to be able to count on his services as technical advisor to the leadership team going forward.
       
      These executive changes are effective immediately.
    • By William Maley
      Fiat Chrysler Automobiles' CEO Sergio Marchionne isn't a fan of electric vehicles, especially the idea of a Ferrari EV.
       
      "With Ferrari, it's almost an obscene concept," said Marchionne.
       
      A key part of the Ferrari driving experience explained Marchionne was the noise of the V8 or V12 engines. Going with a fully electric powertrain removes something important in the experience.
       
      "You'll have to shoot me first," said Marchionne.
       
      It is rumored that Ferrari will do more with hybrid technology in their future vehicles as a way of improving fuel economy while retaining the performance the brand is known for.
       
      Source: Motor Authority
    • By William Maley
      Lamborghini will be seeing a change of the guard next month as current CEO Stephan Winkelmann will become head of Audi's Quattro GmbH - the division that it tasked with working on the R and RS models. Winkelmann's successor will be former Scuderia Ferrari F1 team principal Stefano Domenicali.
       
      Winkelmann became Lamborghini's CEO in 2005 and is credited for the massive growth the brand has been seeing for a few years now. In 2015, Lamborghini sold a record 3,245 vehicles. Winkelmann also signed off the Urus SUV which is expected in a couple of years.
       
      "I have been responsible for Lamborghini for a significant period of time in its history, and in the process have always aimed to use the brand's potential to achieve very ambitious goals. Lamborghini's key corporate data displays continual, profitable growth with a focus on the development of new products, new processes, and many other corporate sectors. Together with my colleagues from the Board of Directors, I was able to facilitate successful initial release of our third model series being launched in 2018. These successes would not have been possible without the passion, skill, creativity, and courage that are ingrained in the Lamborghini DNA and in our employees. I would like to thank everyone for this time from the bottom of my heart," Winkelmann said in a statement.
       
      Domenicali started with Ferrari back in 1991 and moved to the Scuderia Ferrari F1 squad in 1993 in their business planning department. He would hold a number of positions before being named team principal in 2008. Six years later, Domenicali resigned from his position due to the team's poor performance. Sometime thereafter, Audi brought him as the Vice President New Business Initiatives.
       
      Source: Lamborghini
       
      Press Release is on Page 2



      Page 1 of 2 1 2 → Last »



      Click here to view the article
  • Recent Status Updates

  • Who's Online (See full list)