Milan
Luca Cordero di Montezemolo is likely to step down towards the end of the year as chairman of Ferrari after clashes over strategy with Sergio Marchionne, the CEO of parent group Fiat, two sources close to the matter said on Monday.
Montezemolo, who has been chairman of Ferrari since 1991, wants to keep Ferrari autonomous. He has limited sales to around 7,000 cars a year to preserve the luxury carmaker’s exclusivity. Marchionne, however, has been trying to better integrate the sportscar brand into the Fiat group to boost its push into the broader premium end of the car market as it seeks to rival the likes of Volkswagen and BMW. Fiat, which owns 90 per cent of Ferrari, is completing a merger with U.S. unit Chrysler and plans to list shares in the merged Fiat Chrysler Automobiles in New York next month.
