Skip to main content

Ferrari chairman Luca Di Montezemolo to quit after 23 years

(FRANKS..)

Ferrari's Luca Di Montezemolo is to step down as long-time chairman of the Formula 1 team.
His departure follows a poor season on the track and disagreements with Sergio Marchionne, chief executive officer of parent company Fiat.
"This is the end of an era after almost 23 marvellous and unforgettable years," said Di Montezemolo, 67. "It has been a great privilege."
Marchionne will replace Di Montezemolo, who leaves the role on 13 October.
Ferrari have not won a drivers' or constructors' title since 2008 and are in the midst of their least competitive season for 20 years.
The team had their worst result of the year at the Italian Grand Prix on Sunday when Fernando Alonso retired with a hybrid system failure and team-mate Kimi Raikkonen finished ninth.
It is in stark contrast to their dominance of F1 in the late 1990s and early 2000s when seven-time world champion Michael Schumacher led the team to six consecutive constructors' championships.

Analysis from BBC Radio 5 live F1 commentator James Allen

Read more on Di Montezemolo from chief F1 writer Andrew Benson
"Di Montezemolo has turned the whole business around and made Ferrari into one of the most profitable car manufacturers in the world. With Michael Schumacher at the helm, they were unbeatable.
"But he has had a difference of opinion with Sergio Marchionne, who wants to expand the company. Marchionne has basically wanted Di Montezemolo out and he will be the new chairman.
"It is a big upheaval and will have a big impact on the Ferrari F1 team, but exactly what that impact that will be remains to be seen. Fernando Alonso will keep a close eye on it - he wants a good car, not upheaval."
Di Montezemolo had insisted at the weekend that reports he was to step down later this year were premature, adding that he had a contract for three years and he would be the one to say when he was leaving.
But he was immediately contradicted by Marchionne, who said: "We are good friends but his statements... these are things I wouldn't have said myself."
Marchionne also described the recent disappointing performance of Ferrari's Formula 1 racing team as "unacceptable" and said it was "absolutely non-negotiable" that Ferrari should win Formula 1 races.
In his statement, Di Montezemolo - who has been Ferrari chairman since 1991 - added: "It is the most wonderful company in the world and it has been an 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."
Under Di Montezemolo's tenure, Ferrari increased revenues 10-fold and tripled sales volumes as the Italian family business grew into one of the world's most powerful brands.
Ferrari under Di Montezemolo Constructors' championships Total team race wins Drivers' championships
1991 Third 0
1992 Fourth 0
1993 Fourth 0
1994 Third 1
1995 Third 1
1996 Second 4
1997 Second 5
1998 Second 6
1999 First 6
2000 First 10 Michael Schumacher
2001 First 9 Michael Schumacher
2002 First 15 Michael Schumacher
2003 First 8 Michael Schumacher
2004 First 15 Michael Schumacher
2005 Third 1
2006 Second 9
2007 First 9 Kimi Raikkonen
2008 First 8
2009 Fourth 1
2010 Third 5
2011 Third 1
2012 Second 3
2013 Third 2
2014 (as it stands) Fourth 0

Popular posts from this blog

CNN Poll: Judging the Supreme Court

- As the Supreme Court gets ready to issue opinions on some high profile and contentious cases, a new national poll indicates Americans are split on whether the high court is doing a good job. According to a CNN/ORC International survey released Thursday morning, 48% of the public say they approve of the job the Supreme Court's doing, with an equal amount saying they disapprove. There is, however, an ideological divide. Fifty-three percent of liberals and 58% of moderates, but only 37% of conservatives, say that they approve of the court. "That's probably a reaction to last year's decision on Barack Obama's health care law," says CNN Polling Director Keating Holland. In a closely watched ruling, the court upheld the Affordable Care Act, better known as Obamacare, last June. "Before that ruling, most conservatives supported the Supreme Court, compared to only 44% of liberals. Now, most liberals approve of the court, with most co...
Read more

Who are the Niger Delta Avengers?

(Franks.) With a name that sounds like it has come from the pages of a superhero comic book, the Niger Delta Avengers (NDA) is the latest militant group to emerge in Nigeria – attacking oil installations in a campaign which threatens the economy of Africa’s most populous state. “We are a group of educated and well-travelled individuals that are poised to take the Niger Delta struggle to new heights that has never been seen in this nation before,” the NDA proclaimed in one of their first statement’s on their website in April. “We have well-equipped human resources to meet this goal.” It was not an idle threat. The NDA has carried out a barrage of attacks on oil installations in the Niger Delta region, causing a huge decline in oil production, which is the mainstay of the West African state’s economy. “The renewed activities of the militants in the Niger Delta are seriously affecting our oil production,” Minister of Finance Kemi Adeosun admitted on state-owned NTA tele...
Read more

75 Killed In Mozambique After Taking Local Beer

75 Killed In Mozambique After Taking Local Beer Seventy five people have been reportedly killed in Mozambique following consumption of local beer. The Mozambican health authorities confirmed on Wednesday, November 4, that contamination resulted in the beer tragedy Chitima, Tete province, in the northwest of the country in January. It was earlier speculated that the poisoning were intentional, however, the ministry’s disclosure disproves all speculation. Xinhua news agency reports that the results of tested samples from the drink, locally known as “Pombe”, were made public on Wednesday in Maputo by the Ministry of Health. The tests were done in the United States, after South Africa failed to determine the causes of the deaths. Ilesh Jani, the director of the National Health Institute (INS), who presented the results at a news conference, told newsmen that the investigation into the samples started immediately after the deaths, as well as the treatment of...
Read more