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.
INC News, 10/09/2014
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