Chairman of Ferrari pays the price for poor results

Luca De Montezemolo made his name at Ferrari with Niki Lauda’s success in the Seventies (Getty Images)

Ferrari made a clear statement of fresh intent on Wednesday when they announced that the chairman, Luca Di Montezemolo, will finally step down from his role with the team and the car company.

Ferrari have not won a drivers’ or constructors’ title since 2008, and Sergio Marchionne, chief executive of parent company Fiat, recently called Ferrari’s 2014 F1 performances “unacceptable”.

Only days earlier, on his theatrical annual appearance at Monza for the Italian Grand Prix in which Ferrari were humiliated with a ninth-place finish, Di Montezemolo had, in time-honoured fashion, dismissed speculation about his future while confirming he had no wish to step down and that an offer he had made to the board in March to remain in charge for another three-year period was still effective.

Ferrari have turned that offer down and, following clear tensions at Monza between Di Montezemolo and Marchionne, the chairman has stood down.

Marchionne, who will take over as chairman himself on 13 October, said: “Luca and I have discussed the future of Ferrari at length. Our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend.”

Di Montezemolo made his name with Ferrari in the mid-Seventies when he helped steer them to world championship successes with Niki Lauda. He was recalled in 1991 and presided over the dominant Michael Schumacher era. But he has been under increasing pressure since their last world-title success with Kimi Raikkonen back in 2007.

“This is the end of an era after almost 23 marvellous and unforgettable years,” said Di Montezemolo, 67. “It has been a great privilege.”