Economy / Transport

Marchionne takes over Ferrari

Mr Sergio Marchionne, the CEO of the FIAT-Chrysler Group, assumed direct control of Ferrari after the resignation of President Luca Cordero di Montezemolo, who stepped aside after Mr Marchionne had publicly complained about the poor results in the Formula One racing and suggested that “nobody is indispensable”. Mr Montezemolo bitterly replied that Mr Marchionne just want Ferrari to “go American”.

It is speculated that Mr Montezemolo, an ubiquitous figure in the Italian business, could have been torpedoed due to its alliance with tycoon Diego Della Valle. Mr Della Valle is not in good terms with Mr Marchionne, and after Mr Montezemolo’s dismissal urged the FIAT-Chrysler boss to “come to Italy and pay taxes here” instead of behaving like a “foxy cosmopolitan”.

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