Ferrari, a byword for flashy sports cars, hit rough ground yesterday with the shock announcement that its president of 23 years, Luca Cordero di Montezemolo, has been pushed out after a boardroom split.
Just days after saying he wanted to stay, Montezemolo — who has been dogged by six years of Formula One racing failure — announced he will be stepping down on Oct 13.
The top job at the Italian Ferrari luxury sports car company will be taken over by the head of parent group Fiat, Sergio Marchionne.
