Montezemolo announces Ferrari exit

Luca di Montezemolo has ended the intense speculation about his future by announcing his departure as Ferrari's long-time president.

In a media statement on Wednesday, the 67-year-old said it is the "end of an era" for Ferrari ahead of the floatation of the Fiat-Chrysler group in New York.

"This will open up a new and different phase which I feel should be spearheaded by the CEO of the group," said Montezemolo, referring to Sergio Marchionne.

"Ferrari is the most wonderful company in the world," he added. "It has been a great privilege and honour to have been its leader."

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Leopold Pleijsier founded F1-Fansite.com in 2001 and has followed Formula 1 since the early 1980s. He writes about daily F1 news, race weekends, drivers and the sport’s history.

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