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Ferrari F1 Boss Luca Di Montezemolo to Resign in Face of Criticism
Published: September 10, 2014
Marchionne himself will assume the running of the F1 team in the wake of Di Montezemolo's departure.
Speculation that the 67-year-old's job was under threat has been mounting throughout the summer.
Ahead of Ferrari's home Grand Prix at Monza last weekend, for example, Di Montezemolo was forced to deny reports that he was under pressure to resign. Ferrari's No. 1 driver, Fernando Alonso, meanwhile felt it necessary to come out in public support of his manager.
However, Marchionne's condemnation of Di Montezemolo in the wake of Ferrari's disastrous performance at Monza, according to Autosport.com (subscription required), made the latter's position untenable.
"The important thing for Ferrari is not just the financial results, but also it is winning and we have been struggling for six years," Marchionne said, according to the BBC's Andrew Benson.
Di Montezemolo's departure marks the end of an era at Ferrari F1.
The 67-year-old has been almost ever-present at Ferrari since joining the Fiat company in 1973.
Within two years of his arrival at Fiat, Di Montezemolo became assistant to then-chief executive Enzo Ferrari and was appointed as manager of the F1 team in 1975.
His impact was immediate.
Di Montezemolo's appointment, combined with considerable investment, yielded Ferrari its first driver's and constructors' championships since 1964. Three more titles followed over the next two years.
After moving to the commercial side of the Fiat business in the 1970s, Di Montezemolo made his return to F1 as Ferrari's fortunes declined after Enzo...
Article Source: Bleacher Report - Formula 1
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