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

G8 Northern Ireland summit: Syria set to top agenda

Cannot play media. You do not have the correct version of the flash player. Download the correct version David Cameron and Vladimir Putin disagree on Syria but aim to build on "common ground" Continue reading the main story Syria conflict Behind the battle lines The city that died Who is arming whom? Guide to conflict The leaders of the G8 nations are to begin a summit in Northern Ireland, with Syria's conflict set to dominate. UK PM David Cameron met Russian leader Vladimir Putin - Syria's key ally - on Sunday. They will each hold separate talks with President Barack Obama, who has indicated he will arm the rebels. Mr Cameron, the host, is also keen to focus on global economic issues. He hopes to oversee the launch of talks for an EU-US free trade deal and achieve ...
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

Nigeria won’t succumb to Boko Haram –Dogara 0

(FRANKS..)   From IHEANACHO NWOSU, Abuja Speaker of the House of Representatives, Yakubu Dogara, yesterday expressed wor­ry over mass killing and bombing of churches and mosques by Boko Haram insurgents in the North East. He, however, pledged that the nation would not bow to the insurgents. Dogara, in a statement by his Special Adviser on Me­dia and Public Affairs, Tura­ki Adamu Hassan, said the motive of the terrorist was to instill fear in the minds of Nigerians. He condemned yester­day’s bomb attack on wor­shippers in a church in Potis­kum, Yobe State, describing it as “barbaric, inhuman and wicked.” The Speaker said he was deeply worried over the “new dimension” of mass murder by Boko Haram in­surgents in recent days. He urged Nigerians not to lose hope in the capacity of the state and its security ap­paratus to subdue the insur­gents and bring the violence to an end. Dogara insisted that by embarking on mass killing and destruction of communi­ties, the...
Read more