Di Montezemolo steps down at Ferrari

Ferrari chairman Luca di Montezemolo ended days of speculation about his future by announcing on Wednesday that he is to step down from his role with the car company and Formula 1 team.

Ahead of a Ferrari board meeting on Thursday that is expected to announce record profits, di Montezemolo issued a statement saying that he will end his 23-year spell at Maranello. He said his decision had been prompted by the flotation plans of the new Fiat Chrysler Automobiles company, which is planned for the New York Stock Exchange next month.

• ANALYSIS: What next for Ferrari?

"Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street," he said. "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 marvelous and unforgettable years in addition to those spent at Enzo Ferrari's side in the 1970s."

Speculation about di Montezemolo's future intensified at last weekend's Italian Grand Prix, but the Italian insisted during an impromptu media call on Saturday that he had no intention of stepping down. In fact, he said an offer to remain in his position for three more years, which had been made back in March, was still valid.

But renewed questions about di Montezemolo's future erupted in the wake of criticisms from Fiat CEO Sergio Marchionne, who made clear that the performance of Ferrari's F1 team was "unacceptable."

Although it has not been confirmed, it is expected that Marchionne will now take on direct responsibility for Ferrari.

Di Montezemolo thanked the Ferrari staff who had worked with him during his spell there, and made particular reference to Enzo Ferrari's son Piero. No mention was made of Marchionne.

He added: "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."