After 23 years as the President of Italian car manufacturer and motorsport legend, Ferrari, Luca Cordero di Montezemolo announced his resignation from the company that he first worked for way back in 1973. Under Montezemolo, both Ferrari’s road car division and Formula 1 team achieved tremendous success. Launches of models like the 355, 550 Maranello, and F50 in the 1990’s coincided with the early years of Montezemolo’s presidency. This laid the groundwork for the likes of the 458 Italia and La Ferrari in the present day.
Luca started his sporting career as a race-car driver in Italy. In 1973, he joined Fiat, and was assigned to Ferrari – where he became Enzo Ferrari’s assistant. In 1974, he became manager of the Scuderia (the racing team). Luca played a crucial role in getting Nikki Lauda to drive for Ferrari, who then went on to win the championship in 1975 and 1977. By 1976, Luca was the head of all of Fiat’s racing activities. Throughout the 80’s, he headed many different business divisions for Fiat, and, in 1990, he also became the manager of the organizing committee of the FIFA World Cup Italia. In 1991, Fiat Chairman Gianni Agnelli appointed di Montezemolo as President of Ferrari. Luca was responsible for pulling Ferrari back together – helping the company get out of debt, and back into the green. Ferrari won the F1 Constructors Championship in 1999, which they had last won in 1983, and the Drivers Championship in 2000, the first time since 1983. Luca also served as Fiat Chairman from 2004 to 2010.
However, Montezemolo’s future with Ferrari became the cause of much speculation with the announcement of its floatation on the New York Stock Exchange – something the 67-year-old was reportedly against – not to mention the lack of recent success for the F1 team. The announcement of his resignation comes on the back of Montezemolo’s comments made at this year’s Italian GP where he stated – in response to speculation about his future – that he would be the one to decide when he leaves the Italian marque. His comments were rebuked by Sergio Marchionne, CEO and chairman of Ferrari’s parent company, Fiat, who stated that Montezemolo’s future would be a matter for Fiat’s management to decide.
Montezemolo’s departure from Ferrari will become effective from October 13 this year. He leaves Ferrari in its strongest financial position ever. Ferrari’s loss may be F1’s gain, as there are already rumours linking Montezemolo to a larger role in the management of Formula 1.
Well, wherever he goes, it’s safe to say that we’ll hear from Luca quite soon…
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