Ferrari Chairman Luca Cordero di Montezemolo is poised to leave the super-car maker because of a clash over strategy with the brand’s parent Fiat SpA (F), people familiar with the matter said.
Montezemolo, who has led Ferrari for more than 20 years, may step down later this year, said three people, who asked not to be identified because the discussions are private. The executive has yet to agree on a severance package, and there’s no firm timing for him to leave, they said.
Fiat and Ferrari representatives declined to comment on Montezemolo’s future. Ferrari said Montezemolo wasn’t available to comment. Ferrari’s board will meet Sept. 11 to review first-half results.
Ferrari, which is 90 percent-owned by Fiat, is a key component of Chief Executive Officer Sergio Marchionne’s plans to expand in luxury cars to better compete with Volkswagen AG, which owns Lamborghini among its stable of high-end nameplates.
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