Luca Cordero di Montezemolo will step down as chairman of Ferrari as of Oct. 13 and will be replaced by Fiat Chrysler CEO Sergio Marchionne, Fiat said in a statement today.The departure of Montezemolo, 67, was widely expected after escalating clashes between the two executives over strategy and the role of Ferrari within the Fiat group.
Ferrari is a key component of Marchionne’s plans to expand in luxury cars to better compete with Volkswagen, which owns Lamborghini among its stable of high-end nameplates.