Ferrari chairman Luca Di Montezemolo steps down after 23 years at helm

Ferrari chairman Luca Di Montezemolo is going to step down as long-time chairman of the Italian Formula One team, following a poor season on the track and disagreements with the Sergio Marchionne, who is the chief executive officer of parent company Fiat.

Di Montezemolo said that this is the end of an era after almost 23 marvellous and unforgettable years, adding that it has been a great privilege. Marchionne will replace Di Montezemolo, who leaves the role on 13 October.

Ferrari have not won a drivers' or constructors' title since 2008 and are in the midst of their least competitive season for 20 years. They had their worst result of the year at the Italian Grand Prix on Sunday when Fernando Alonso retired with a hybrid system failure and teammate Kimi Raikkonen finished ninth, The BBC reported.

Di Montezemolo had insisted at the weekend that reports that he was to step down later this year were premature, adding that he had a contract for three years and he would be the one to say when he was leaving.

But Marchionne immediately contradicted him saying that they are good friends but his statements are things he wouldn't have said himself.

Marchionne also described the recent disappointing performance of Ferrari's Formula One racing team as unacceptable and said that it was absolutely non-negotiable that Ferrari should win Grand Prixs.

In his statement, Di Montezemolo, who has been Ferrari chairman since 1991, added that it is the most wonderful company in the world and it has been an honour to have been its leader. He also stated that he devoted all of his enthusiasm and commitment to it over the years.

Di Montezemolo further added that together with his family, it was, and continues to be, the most important thing in his life.

Under Di Montezemolo's tenure, Ferrari increased revenues 10-fold and tripled sales volumes as the Italian family business grew into one of the world's most powerful brands, the report added.