Photo: Ferrari S.p.A.
Though it's a very sad event for the Ferrari brand, chairman Luca di Montezemolo's rage quit is not actually bad for the guy's finances. According to latest reports, Fiat S.p.A. is awarding Luca an elephantine $35 million as severance payment for his leave.
That big amount of dough translates to roughly 27 million euros, which is not bad for a going away gift to someone that dedicated 23 years of blood, sweat and tears turning Ferrari from established marque to the best name in the business. The 67-year-old Montezemolo will receive half of the sum by January 31st, 2015, with the rest payable in 20 years' time according to a Fiat S.p.A. statement.
Still, just half of those $35 million is close to Luca di Montezemolo's yearly salary multiplied fivefold. But this lump-sum agreement comes with a catch for the Italian: Montezemolo cannot work for any Fiat S.p.A. competitor brand until March 2017. But hey, $35 mil spent on a Caribbean island and lots of rum isn't a bad way to spend your twilight days.
However, we have a sneaking suspicion Luca isn't the type of guy to kick back on a hammock, sippin' cocktails all day long. Nevertheless, props to the former Ferrari chairman for his dedicated take on the Ferrari brand and take-no-prisoners attitude to Marchionne's view regarding the Prancing Horse.
Let's not forget that Luca is the man that gave the final green light to every Ferrari model produced since the year 1991 and he was also the man that orchestrated the Scuderia's years with one Michael Schumacher in the driver's seat. But is it a coincidence that Marchionne, the Fiat Group's CEO, will replace Montezemolo as Ferrari chairman on the same day FCA shares will start trading at the NYSE?
Still, just half of those $35 million is close to Luca di Montezemolo's yearly salary multiplied fivefold. But this lump-sum agreement comes with a catch for the Italian: Montezemolo cannot work for any Fiat S.p.A. competitor brand until March 2017. But hey, $35 mil spent on a Caribbean island and lots of rum isn't a bad way to spend your twilight days.
However, we have a sneaking suspicion Luca isn't the type of guy to kick back on a hammock, sippin' cocktails all day long. Nevertheless, props to the former Ferrari chairman for his dedicated take on the Ferrari brand and take-no-prisoners attitude to Marchionne's view regarding the Prancing Horse.
Let's not forget that Luca is the man that gave the final green light to every Ferrari model produced since the year 1991 and he was also the man that orchestrated the Scuderia's years with one Michael Schumacher in the driver's seat. But is it a coincidence that Marchionne, the Fiat Group's CEO, will replace Montezemolo as Ferrari chairman on the same day FCA shares will start trading at the NYSE?
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