Ferrari's long-serving president Luca di Montezemolo will leave the company next month, upset at a disappointing season by the flagship Formula One team and before an imminent stock listing of merged parent company Fiat-Chrysler.
Montezemolo (pictured) will quit on October 13 following Ferrari's 60th anniversary celebration of sales in the United States, a statement from Fiat-Chrysler said yesterday.
Fiat-Chrysler CEO Sergio Marchionne will take on the Ferrari job in the immediate term.
While Ferrari is healthy economically, the F1 team have struggled in recent years and were a long way off the leaders at last weekend's home Italian Grand Prix, where there was a public spat over the performance of the team.
At the time, Montezemolo insisted he would stay on, but Marchionne said he was "terribly upset" by the F1 team's performance, which he had deemed "unacceptable".
The most successful team in F1 history, Ferrari have not won a constructors title since 2008 and this season have gone from bad to worse, with drivers Fernando Alonso and Kimi Raikkonen failing to win a single race.