Ferrari chairman resigns after spat with Marchionne

Fiat chief Sergio Marchionne will take over as chairman of the prancing horse.

Ferrari chairman Luca di Montezemolo has announced his resignation following an apparent dispute with Fiat chief Sergio Marchionne.

The executive initially worked with the prancing horse marque as a lieutenant to Enzo Ferrari in the '70s, before eventually taking the helm in 1991 after the founder's death.

"Since 1991, Ferrari achieved significant results under Montezemolo's chairmanship in terms of both financial performance and its standing in the world of racing," Fiat said in a statement. "Under his leadership, Ferrari boasted a world-class team and numerous record-setting achievements."

As the merged parent company, Fiat Chrysler Automobiles, moves closer to its listing on Wall Street, Montezemolo apparently disagreed with Marchionne's plan to grow Ferrari's sales numbers. The veteran previously voiced a preference for capping annual shipments at 7,000 vehicles to maintain exclusivity.

"This is the end of an era and so I have decided to leave my position as Chairman after almost 23 marvelous and unforgettable years in addition to those spent at Enzo Ferrari's side in the 1970s," Montezemolo said. "I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the Company the many more years of success that Ferrari deserves."

Marchionne will now take over as chairman of the sports car brand.

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