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

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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randy3023 - 9/11/2014 10:51:52 AM

+1 Boost

LOL. and it's Deadmau5 who is obscene?

With all the poverty and suffering in the world, THIS is the most obscene gesture you can make.

222max - 9/11/2014 11:58:31 AM

+1 Boost

But will he be able to make it on that until he finds his next gig?

scenicbyway12 - 9/11/2014 12:52:36 PM

+1 Boost

If this was an American company it would have been 235 million

Agent001 - 9/11/2014 4:40:45 PM

+1 Boost

Actually, Waggonner only got $25m from GM.

001

mini22 - 9/12/2014 10:30:24 AM

+1 Boost

I don't think it's obscene. The guy has been with Ferrari for 40 yrs. He started there in the early to mid 70's. He turned the company around when he became head in 1991. He has helped Ferrari win 19 world championships in formula one. What's obscene is Waggoner getting 25 mil from GM!