"At an end of an era."

That is how Luca di Montezemolo characterized Ferrari as he steps down from his position as Chairman, a post he has held since 1991.

“Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group. This is the end of an era and so I have decided to leave my position as Chairman after almost 23 marvelous and unforgettable years in addition to those spent at Enzo Ferrari’s side in the 1970s,” Montezemolo said.

He gives his thanks to the Ferrari employees that work at the factory, offices, race tracks and markets around the world, saying that they are the “architects” that enable the company's growth, achievements and transformation into one of the world's strongest brands. He also sends his goodbyes and gratitudes to the company's technical and commercial partners, dealers across the globe and to the patrons and collectors.

Montezemolo lastly gives his regards to Ferrari fans all over the world that have stood by the company and through the most trying times of their racing arm, the Scuderia Ferrari.

“Ferrari is the most wonderful company in the world. It has been a great privilege and honour to have been its leader. I devoted all of my enthusiasm and commitment to it over the years. Together with my family, it was, and continues to be, the most important thing in my life. I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the Company the many more years of success that Ferrari deserves,” he said.