Di Montezemolo steps down as Ferrari Chairman after two decades in charge

Luca di Montezemolo has confirmed he will stand down as Ferrari chairman next month.

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

Following Ferrari's dismal start to F1's new turbo era, Di Montezemolo's future has been the subject of intense speculation in recent weeks and he insisted as recently as last week's Italian GP that he would not be leaving despite the team's failure to win a World Championship since 2008.

However, his position appeared to become untenable following stinging criticism from Sergio Marchionne, the head of Ferrari's parent company Fiat. 

"I don't want to see our drivers in seventh and 12th place. To see the Reds in this state,with the best drivers, exceptional facilities, engineers who are really good, to see all that and then to consider we have not won since 2008," Marchionne said.

"The important thing for Ferrari is not just the financial results, but also it is winning, and we have been struggling for six years."

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Marchionne himself will now 'spearhead' Ferrari following Di Montezemolo's resignation, taking on the role of chairman.

The reshuffle could, however, signal a return to Maranello for Ross Brawn, the mastermind behind the Scuderia's glittering success at the turn of the century and out of work since leaving Mercedes last year.

Unable to keep pace with Mercedes on the track, Ferrari have been in a state of flux off it all year. In April, Stefano Domenicali, their long-time Team Principal, was ousted as the previously-unknown Marco Mattiacci arrived to carry out a root-and-branch review of the team’s faltering F1 operation. The exit of Luca Marmorini, the team's head of engine and electronics, was announced in late July, but it's the departure of Di Montezemolo which marks the end of an era - and underlines the scale of the team's under-performance since the turn of the decade.

Although Mattiacci confirmed to Sky Sports News HQ earlier this month that both Fernando Alonso and Kimi Raikkonen, who has endured a dismal season following his return to the Scuderia, the sudden exit of Di Montezemolo will inevitably prompt fresh doubts about Alonso’s future in particular.

The Spaniard was warmly embraced in the Ferrari garage at Monza by Montezemolo on Saturday and enthusiastically welcomed his assurance that he would be staying on. At the age of 33, time is already running out on Alonso in his quest to land a third World Championship - and his first with the Scuderia - and it remains to be seen if he has the patience to wait for the results of Ferrari’s internal revolution to reach fruition.

"Does he want to hang around as the team gradually get back to the front?” pondered Sky Sports News HQ’s Craig Slater. “It’s a big question whether Alonso wants to stick around to see a long-term prospect at Ferrari with perhaps no real chance of adding to his two World Championships in the next couple of years.

“That will prick up the ears of McLaren, amongst others. They have publicly courted him and they are looking for a big name in the car, either next season or certainly in 2016 when a lot of the driver contracts are freed up.”

There was more upheaval for Ferrari and Alonso on Wednesday with the news that Emilio Botin, Chairman of Santander - a team sponsor and friend of his fellow Spaniard - has died following a heart attack.

Luca di Montezemolo's statement in full:
"Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group.

"This is the end of an era and so I have decided to leave my position as Chairman after almost 23 marvellous and unforgettable years in addition to those spent at Enzo Ferrari’s side in the 1970s.

"My thanks, first and foremost, to the exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world. They were the real architects of the company’s spectacular growth, its many unforgettable victories and its transformation into one of the world’s strongest brands.

"A warm farewell and my thanks also to all of our technical and commercial partners, our dealers across the globe and, most particularly, the clients and collectors whose passion I so wholeheartedly share.

"But my thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia’s most difficult moments.

"Ferrari is the most wonderful company in the world. It has been a great privilege and 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.

"I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the Company the many more years of success that Ferrari deserves.”