Di Montezemolo joins Ferrari exodus

Ferrari Chairman Luca Cordero di Montezemolo said on Wednesday that he would quit his post at the end of the month, after the Scuderia suffered a disastrous home Grand Prix at Monza on Sunday.

The chairman of parent company Fiat, Sergio Marchionne, will take over di Montezemolo's role at the sports car maker and Formula One's most successful team in history.

"Ferrari will have an important role to play within the FCA [Fiat Chrsyler Automobiles] group in the upcoming flotation on Wall Street," di Montezemolo said in a statement. "This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group."

The Italian businessman and politician called Ferrari "the most wonderful company in the world," saying he was leaving after "almost 23 marvelous and unforgettable years in addition to those spent at Enzo Ferrari's side in the 1970s."

Cleaning house

Di Montezemolo had been linked with the role as president of Italy's struggling flagship airline Alitalia in recent weeks, with the 67-year-old deflecting questions on the Alitalia rumors at this weekend's Italian Grand Prix in Monza. Prior to the race, Fiat's Marchionne had also strongly hinted at the prospect of di Montezemolo's departure.

"We're not talking about him quitting but nobody is indispensable," Marchionne said on Sunday, moments before one of the prancing horses pulled up lame mid-way through the F1 race at Monza. At Ferrari's home track, lead driver Fernando Alonso retired - suffering his first mechanical failure since 2010 and at the worst possible moment - while Kimi Raikkonen could only finish ninth. The race - like most of the current season - was dominated by Mercedes-powered cars; rival suppliers Renault and Ferrari have struggled to keep pace with the Mercedes power units in 2014.

"My thoughts go also to our fans who have always supported us with great enthusiasm especially thorugh the Scuderia's most difficult moments," di Montezemolo said.

Faced with one of its worst seasons in recent memory, and chasing its first F1 championship since Kimi Raikkonen's 2007 drivers' title, Ferrari had already disposed of F1 team principal Stefano Domenicali and engine division director Luca Marmorini during the 2014 season.

Di Montezemolo had presided over both Ferrari's worst-ever F1 drought and its most successful winning streak during his time with Ferrari. The Italian, once mooted as a possible center-left rival to multi-term former prime minister Silvio Berlusconi, was chairman at Maranello when Michael Schumacher led the team to five consecutive drivers' and constructors' championships between 2000 and 2004. Prior to this winning run, Ferrari had gone 21 years without any Formula One championships, barren since Jody Scheckter's drivers' title in 1979.

msh/es (AP, SID)