Ferrari’s Luca Di Montezemolo is to step down from his role as chairman following 23 years in the job.
The 67-year-old has been president of Formula One’s glamour team since 1991 and during his time guided the stable to the top of the grid whilst also transforming the Italian business into one of the world’s most powerful and iconic brands.
His departure follows a disastrous 2014 season and criticism from Sergio Marchionne, the chief executive of parent company Fiat.
Ferrari have failed to win a drivers’ or constructors’ title since 2008 and are currently suffering their worst season in 20 years.
Ironically the team’s worst result this year came last weekend at their home Grand Prix at Monza when Fernando Alonso retired and Kimi Raikkonen finished ninth.
Di Montezemolo will officially leave on October 13 and will be replaced by Marchionne who has recently described the team’s disappointing performances as “unacceptable” adding it was “absolutely non-negotiable” that Ferrari should win races.
After announcing his decision to step down Di Montezemolo was quick to pay tribute to Santander Executive Chairman Emilio Botin who died late on Tuesday after suffering a heart attack.
Santander is one of Ferrari’s main sponsors and is also a title sponsor to a number of races, including the British Grand Prix – a race where Ferrari also failed to impress this year with Alonso finishing 6th and Raikkonen not at all.
One of dozens of poor results over recent years that has cost Di Montezemolo his job whilst denting the reputation of Formula One’s Glamour Team.