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Outgoing Ferrari boss Luca Cordero di Montezemo will receive a combined severance package of 26.95 million euros ($34.78 million), with nearly half to be paid in a lump-sum by next February.

Fiat, which owns 90 percent of Ferrari, said Wednesday that Montezemolo will leave the company on Oct. 13., the day the newly merged Fiat Chrysler Automobiles (FCA) is due to be listed in New York.

Sergio Marchionne will adds responsibility for Ferrari to his role as Fiat Chrysler CEO.

 



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Fiat Pays Out $35 Million Severance Package To Outgoing Ferrari CEO

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