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Ferrari Formula 1

Big changes at Ferrari

Luca di Montezemolo

Ferrari is having a bad year in Formula 1. Mind, in living memory, they’ve probably had worse years. But with the total dominance of Schumacher era still in recent memory the big wigs demand success and they aren’t happy with what they’re seeing. And by big wigs, we mean, big wigs.

There’s not too many people higher than Ferrari President Luca di Montezemolo, but Sergio Marchionne, boss of parent company Fiat, is one of those men. And he has spoken.

The pair have had a public spat in the wake of a terrible Italian Grand Prix. As a result Luca di Montezemolo is leaving Ferrari. The legacy he has left for the road and racing cars from Maranello cannot be underestimated and this is a massive day for the company.

“Ferrari is the most wonderful company in the world,” di Montezemolo said. “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.”

Sergio Marchionne will step in as the boss of the F1 team after di Montezemolo departs in mid-October. This change follows the removal of Stefano Domenicali earlier this year.

Marchionne has put his money where his mouth is, his reputation is at stake here, and he’d better hope he can deliver the results he demands.

Luca di Montezemolo

Montezemolo: This is the end of an era

  • “I leave after 23 unforgettable years”

Maranello, 10th September 2014 – “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.”

6 replies on “Big changes at Ferrari”

Without Fiat, Ferrari would have been toast years ago, you can’t sustain a company that only sells sport cars to millionaires.

Cat – um, what????

“Ferrari recorded record revenues, profits and cash flow in 2013 despite intentionally selling fewer cars, as the Italian supercar manufacturer looked to improve its exclusivity and ratchet up tertiary sources of income. Ferrari’s success in increasing profits while lowering production runs counter to Europe’s struggling mass-market car industry, wallowing in the region’s worst car market for two decades, and underscores the clamour among manufacturers to increase their presence in the growing and lucrative luxury market.”

You can’t sustain a car company that only sells sports cars to millionaires? Yes you can, in fact it’s working better than mass-production.

Cat, Ferrari are a highly profitable with $338 Million Profit for 6992 cars is very impressive. Fiat/Chrysler profit of over $3 billion is around what Ferrari turnover, but the Brand Value is massive compared to Fiat and Chrysler. Fiat was almost broken beyond repair in the early 80’s and without Ferrari, would have been “toast”!
Sergio Marchionne is a power tripper, and even though he has done great things for the Fiat/Chrysler merger, I think he had one of the best guys for Ferrari. Lets see what happens from here…..

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