Sergio Marchionne to retire after 2018

Ferrari president Sergio Marchionne says he plans to retire after 2018.

The 64-year-old took control of Fiat over a decade ago, but his ascendance at Ferrari has been more recent in the wake of Luca di Montezemolo's exit.

However, Marchionne, an Italian Canadian, said in 2014 that he will "undoubtedly" retire after 2018.

During a news conference in Detroit this week, he confirmed that his plans to begin his retirement from early 2019 remain on track.