Ferrari’s long standing president Luca di Montezemolo will leave the prancing horse stable with the chairman of the marque’s majority owner, Sergio Marchionne confirmed to step into the role.
Marchionne, the chairman of the Fiat-Chrysler group, is expected to take up the position next month following the maiden Russian Grand Prix at Sochi.
di Montezemolo has overseen the most successful run in Ferrari’s history with Michael Schumacher winning five driver’s titles.
In a prepared statement di Montezemolo said: “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.
di Montezemolo’s departure comes after Ferrari team principal Stefano Domenicali resigned from his post in April prior to the Chinese Grand Prix.