Ferrari chairman poised to leave company over strategy clash

Luca di Montezemolo yet to agree severance package

Ferrari chairman Luca Cordero di Montezemolo is poised to leave the company due to a clash over strategy with the brand’s parent Fiat SpA, said people familiar with the matter.

Mr Montezemolo, who has led Ferrari for over 20 years, may step down later this year, said three people, who asked not to be identified because the discussions are private.

The executive has yet to agree on a severance package, and there’s no firm timing for him to leave, they said.

Ferrari’s board will meet on September 11th to review first- half results. Ferrari, 90 per cent-owned by Fiat, is a key component of chief executive officer Sergio Marchionne’s plans to expand in luxury cars to better compete with Volkswagen AG which owns Lamborghini. Mr Montezemolo wants to maintain Ferrari’s autonomous status. – Bloomberg