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[darwin dali]

Despite being lined up for a €26.95m (£21.5m) severance deal, outgoing Ferrari chairman Luca di Montezemolo still shed a few tears as he said goodbye to employees at Maranello.

On Wednesday Montezemolo announced he would stand down as Ferrari president on October 13, to be replaced by FIAT CEO Sergio Marchionne. According to Reuters, in return for agreeing not to compete with FIAT until March 2017, he will receive a lump-sum payment of €13.25m on January 31 2015 as well as an extra €13.71m payable in 20 years.

Read more at http://en.espnf1.com/ferrari/motorsport ... 7w9Bbeh.99


What's up with the 20 years? The man is 67 years old!

[spankyham]

Despite being lined up for a €26.95m (£21.5m) severance deal, outgoing Ferrari chairman Luca di Montezemolo still shed a few tears as he said goodbye to employees at Maranello.

On Wednesday Montezemolo announced he would stand down as Ferrari president on October 13, to be replaced by FIAT CEO Sergio Marchionne. According to Reuters, in return for agreeing not to compete with FIAT until March 2017, he will receive a lump-sum payment of €13.25m on January 31 2015 as well as an extra €13.71m payable in 20 years.

Read more at http://en.espnf1.com/ferrari/motorsport ... 7w9Bbeh.99

I'm definitely going to miss Luca. I think he did great things for Ferrari both as a company and as an F1 team. I can see that he and Sergio had huge differences on the direction for Ferrari and I can see both their POVs.

What's up with the 20 years? The man is 67 years old!

That's easy for an Italian to answer - "per la famiglia"

[spankyham]

Video footage of first Luca then Sergio at Maranello on the announcement.

[youtube]UjEr7cFkHNM[/youtube]

[darwin dali]

Video footage of first Luca then Sergio at Maranello on the announcement.

[youtube]UjEr7cFkHNM[/youtube]

The North Americanization of FIAT/Ferrari continues.

[What's Burning?]

Is Sergio Marchione not raised in Italy? He's got an American accent.

Luca is a guy that has always exuded class. He dresses the part and the conference was funny, Luca looked dapper and Sergio was wearing what I'd wear. LOL.

In any case, the point is that being public, going to corporate route, being beholden to the board and profits and having those profits be ever increasing year after year... does that mean we're likely to see Ferrari engines in other cars as ways to increase profit? How about a $100k Ferrari to compete with Mercedes and Porsche and BMW in their Mid range sports car lineups?

Interesting times indeed, but don't you look at it any other way. Luca got the boot. A gold plated boot, but a boot none the less.

[darwin dali]

Is Sergio Marchione not raised in Italy? He's got an American accent.

Luca is a guy that has always exuded class. He dresses the part and the conference was funny, Luca looked dapper and Sergio was wearing what I'd wear. LOL.

In any case, the point is that being public, going to corporate route, being beholden to the board and profits and having those profits be ever increasing year after year... does that mean we're likely to see Ferrari engines in other cars as ways to increase profit? How about a $100k Ferrari to compete with Mercedes and Porsche and BMW in their Mid range sports car lineups?

Interesting times indeed, but don't you look at it any other way. Luca got the boot. A gold plated boot, but a boot none the less.

His family emigrated to Toronto when he was 14.

[spankyham]

Is Sergio Marchione not raised in Italy? He's got an American accent.

Luca is a guy that has always exuded class. He dresses the part and the conference was funny, Luca looked dapper and Sergio was wearing what I'd wear. LOL.

In any case, the point is that being public, going to corporate route, being beholden to the board and profits and having those profits be ever increasing year after year... does that mean we're likely to see Ferrari engines in other cars as ways to increase profit? How about a $100k Ferrari to compete with Mercedes and Porsche and BMW in their Mid range sports car lineups?

Interesting times indeed, but don't you look at it any other way. Luca got the boot. A gold plated boot, but a boot none the less.

His family emigrated to Toronto when he was 14.

I always liked and admired Luca, but he went head to head against Sergio and got beaten badly. I really don't know how this will play out for Ferrari - well I hope. One things for sure, seeing what Sergio has achieved with FIAT and Chrysler and now this, I think the FCA IPO in mid October is worth a bit of play money.

[Jabberwocky]

Luck played and looked the part at Ferrari, the new bloke just looks a bit like a model railway enthusiast. Not someone you would want buy a car off that would take some people a lifetime to earn the price tag.

isn't the Ferrari production limit to do with NCAP and them becoming a main stream manufacturer. I looked at buying a new Caterham 7 once and I asked how they got away with not having bumpers/fenders or airbags etc. The guy just said they limited the number to below whatever it was.

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[What's Burning?]

To be fair, Bill Gates and Warren Buffet are never seen as dapily dressed as Luca, but that doesn't say the entire story does it?

[Jabberwocky]

But a Ferrari is not at the heart of a billion computers around the world. Bill Gates like Coke Cola don't really need to sell things to you. You just buy them lol.

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[sagi58]

Is Sergio Marchione not raised in Italy? He's got an American accent...

His family emigrated to Toronto when he was 14.

For pete's sake!! I never made the connection!!
He pulled the plug on asking Ontario's provincial government for a handout for Chrysler!!
They ended up funding the expansion at the Windsor plant, without any help!!
That caused quite a stir, up here!!

[sagi58]

WoW!! Can you imagine the reaction??

 wrote:">Is there a role for Montezemolo at the heart of F1 with Bernie Ecclestone?

...Montezemolo has been a major player in the world of F1, via his Ferrari role, for the last two decades and understands the business intrinsically. He is a highly skilled, world famous manager, who knows heads of state, royals, Arab sheiks and many of the world’s richest and most powerful people.

Within the orbit of Formula 1, there are not many people who have those credentials; Bernie Ecclestone heads a very short list in that sense. And that makes one wonder whether Ecclestone and CVC Capital Partners, who control the F1 business, would be well advised to bring him closer to their business, with a view to taking some of Ecclestone’s more challenging duties in the future...

...It may be unthinkable in the minds of some for Montezemolo and Ecclestone to work together, but other F1 insiders can envisage it; stranger things have happened in F1 and it would certainly change the prospects for the future if the 67 year old gets involved...

I'm visualizing the term "hopping mad":

[spankyham]

Luca would be the absolute ideal person to run F1. He's been involved at every level and through many of the greatest phases, he's a super smart guy who can build a brand and popularity without compromising the product.

Saw this video, think its great because it shows Luca's passion for the sport and the team. Watch the bit at ~30 second mark, Luca's trying to get further out on the track at Monaco, someone pulls him back and Luca lays one on him

[youtube]bEEbngnLTI0[/youtube]

[sagi58]

Just after that wallop, he is seen falling down and the announcer said that he fell, broke his leg and even in that condition, refused to abandon the race!!
What a guy!!

[F2004]

Ferrari make another record profit. I hope they didn't just get rid of the goose that has been laying lots of golden eggs.