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Montezemelo Out as Ferrari President


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Fiat's Marchionne to become new Ferrari chairman as Montezemolo quits


(Reuters) - Luca Cordero di Montezemolo will step down as chairman of Ferrari as of Oct. 13 and will be replaced by Sergio Marchionne, who also serves as the chief executive of parent group Fiat, Fiat said in a statement on Wednesday.
The departure of Montezemolo was widely expected after escalating clashes between the two executives over strategy and the role of the luxury carmaker within the Fiat group.
(Reporting by Agnieszka Flak, editing by Stephen Jewkes)
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