Maruti Suzuki Rock N Road: Redefining the SUV Experience
- Mar 16, 2024
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Fiat first acquired 50 per cent stake in Ferrari in 1969 and further increased it to 85 per cent in 2008. Although it currently holds 90 percent of stake in Ferrari, the sportscar maker was pretty much focusing on enhancing profits and functioning as an independent unit. But now with Fiat Chrysler Automotive set to make its debut in the New York Stock Exchange in October, Ferrari will play a larger role in Fiat Chrysler Automotive.
This change in operations also brings along with it a change in the management. After serving Ferrari for nearly 23 years, transforming the Scarlet brand into a premier sports car maker and of course bringing the Ferrari F1 team to the top once again, Luca Di Montezemolo has finally decided to step down from his role as President.
Montezemolo released the statement on Wednesday and said that he was prompted to make the decision following the flotation plans of Ferrari’s parent company, the Fiat Chrysler Group. The Italian businessman will now be replaced by Fiat CEO Sergio Marchionne.
The former Ferrari President said, “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.”
With regards to the Ferrari F1 Team, this is the second big disorder in the past six months. Stefano Domenicali quit as Team Principal and now the top boss follows the suit leaving the team to rebuild its operation.
Montezemolo has been a key figure in shaping the fortunes of the Ferrari F1 Team. He became an assistant to Enzo Ferrari in 1973 before moving up the ranks to manage the team from 1974. The Italian marque immediately showed some tremendous growth and went on to win two championships with Niki Lauda. He went on to hold several roles in Fiat in the 1980s. Montezemolo then became the Chairman of Ferrari in 1991 and with Jean Todt as Team Principal and Michael Schumacher behind the wheel he brought back Ferrari to the top. The Scarlet Team dominated the first half of the decade.
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