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Montezemolo Leaving Ferrari; Marchionne Taking Over

Sales aren't everything. Especially for a company like Ferrari, whose super-car reputation depends on winning a few races here and there. Luca di Montezemelo, the storied automaker's chief for the last 23 years, is leaving right when the brand is about to celebrate its 60th anniversary in the U.S. market, its largest. He gets a $34.78 million severance. Sergio Marchionne, head of Fiat Chrysler, takes over as chairman. One issue is the company's poor race performance at F1.

Read the whole story at Automotive News »

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