Ferrari president Luca Di Montezemolo confirms departure

Luca Di Montezemolo has revealed that he will depart his role as Ferrari president next month.

The 67-year-old, who will be replaced in the position by Fiat boss Sergio Marchionne, has long been associated with the Formula 1 giants and the Italian has described his time in Maranello as "marvellous and unforgettable".

Di Montezemolo said in a statement: "Ferrari will have an important role to play within the FCA group in the upcoming floatation 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 the era and so I have decided to leave my position as chairman after almost 23 marvellous and unforgettable years in addition to those spent at Enzo Ferrari's side in the 1970s."

Di Montezemolo leaves Ferrari with the team in fourth place in the 2014 constructors' championship.