Luca di Montezemolo - out
'You've had your chance di Montezemolo' says Fiat as F1 failures herald Ferrari boss's demise
The reality is probably rather more dull, corporate and political but whatever the story behind it self-styled Ferrari 'presidente' Luca di Montezemolo's era at the top of Ferrari has been ended after speculation about his future raged following further disappointments at Monza this weekend. With his Cavallino slightly less than Rampante, at least on the track, Montezemolo appears to be paying the price for a disappointing run of results in F1. Seemingly you can turn a tidy profit in the road car division but if you ain't winning the big prizes in F1 you're a nobody, Marchionne widely quoted as describing the F1 team's performance as "unacceptable."
We're guessing it probably wasn't all smiles
As head of Ferrari since 1991, di Montezemolo's aristocratic demeanour and presidential leadership of Ferrari has defined the brand both in motorsport and as a builder of road cars, not to mention marketing machine of considerable power. A charismatic speaker and leader, a di Montezemolo press conference could verge between political rally and religious sermon, his piercing stare and passionate belief in Ferrari's pre-eminence the very embodiment of the brand's self confidence and swagger. F1 disappointments or not, his shoes will require some filling but such is Ferrari's need to win even his long-standing service and success in turning a profit weren't enough to save him.
His official leaving statement is below - ciao Luca...
The final message from Il Presidente...
"I leave after 23 unforgettable years"
Maranello, 10th September 2014 - "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."
http://www.ft.com/cms/s/0/f08b32e8-3732-11e4-8472-...
Handily other sites report virtually word for word for free...
http://www.euro2day.gr/ftcom_en/article-ft-en/1252...
I don't see this as big news though. Montezemolo is going it's just a case of when and how long can he hold on given the network of power he has.
Either hire A Newey or put a Merc engine in it
Having said above I didn't think this was big news I'm now doing a full u-turn having reading James Allens site which has a LOT more detail. I cannot believe the FT put that story behind a paywall and only gave half the story.
http://www.jamesallenonf1.com/2014/09/we-havent-wo...
Share are due to begin trading on October 13 and this looks like the day that Montezemolo’s FIAT/Ferrari career will end unless he pulls a rabbit out of a hat.
The new powertrains, by virtue of being new, have the greatest gains to give. So if you're investing ££ in development more ££ would go to the powertrain department.
Happy to be shown to be wrong but that was my understanding for 2014.
Red Bull vs Lotus
Mercedes vs McLaren
Ferrari vs Marussia
same engine, very different performance.
This whole thing about Montezemolo leaving has been going on for ages - a while back it was because he was going in to politics, then more recently because he was announced at Alitalia (non executive role), then it was Monza, now its on release of shares....
It just seems that the media are dragging this out.
The new powertrains, by virtue of being new, have the greatest gains to give. So if you're investing ££ in development more ££ would go to the powertrain department.
Happy to be shown to be wrong but that was my understanding for 2014.
For developing changes for significant engine changes for 2015 implementation, there is a lot of money going in but that won't see benefit this year, unless the FIA change their mind mid season... which is possible... a final last 4 race all out battle, etc
8% of the PU (powerunit) frozen in 2015. Where is the engine development freeze that everyone keeps mentioning? I don't see a freeze until 2019.
Either the road car arm doesn't need a successful F1 team to generate sales, at which point why bother with the expensive F1 operation shareholders have to be kept happy after all about why spunking couple of hundred million euro's pa on a unsuccessful race team is creating value.
Alternatively the road car arm does need a successful f1 team long term and the cronic lack of recent success will ultimately undermine car sales, again shareholders have to kept happy regarding the board having an effective plan to resolve under performance.
He is already Chairman of Exor (the Agnelli family investment company) that will end up with 30% ownership of FCA.
One thing that struck me was the Mediobanca (very well connected bank with fingers into most things in Italy) comment that Montezemolo may be going.
The general rumours are that Montezemolo is heading off to other things, namely, to run the revitalised Alitalia but no official announcement has been made yet.
Or could it be that Montezemolo has been asked by CVC to take over from Bernie, yet Bernie is not prepared to go at this in time (& therefore the delay in any departure announcement by Montezemolo)?
It is not inconceivable that he stays on as Chairman of Ferrari but as a Non-Executive Chairman of Ferrari (which may be demanded / expected as part of the NY listing of the joint Fiat-Chrysler entity) and still takes up the Alitalia role, but if the CVC F1 role comes up then he could not retain the role of Non-Ex Chair at Ferrari (they would see this as a conflict of interest).
More complex than moves in the drivers' market....
Would RB have something to say about that?
Would RB have something to say about that?
Despite all of Ferrari's shenanigans over the years Monty is a very good businessman as verified to me by someone I knew in Italy years ago (apparently a good guy, very to the point and professional).
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