Todt resigns Ferrari posts

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Todt resigns Ferrari posts

In addition to announcing record results across economic indicators, Ferrari board chairman Luca di Montezemolo announced at Tuesday's stockholders meeting that former F1 team manager Jean Todt has resigned his board position and all other...

In addition to announcing record results across economic indicators, Ferrari board chairman Luca di Montezemolo announced at Tuesday's stockholders meeting that former F1 team manager Jean Todt has resigned his board position and all other positions he holds in the company after 16 years.

Jean Todt, Scuderia Ferrari, Ferrari CEO.
Photo by xpb.cc.

"Jean Todt has been one of the leading protagonists of the Ferrari story for the last 15 years," di Montezemolo said. "Skill and passion have always characterized his work and have won him the respect and affection of my staff, the company as a whole, and Prancing Horse enthusiasts everywhere."

Frenchman Todt, 63, displayed rally co-driving skills then management acumen with Peugeot in World Rally Championship, World Sportscar Championship, and the 24 Hours of Le Mans before he joined Ferrari's F1 team in 1993 and welcomed driver Michael Schumacher, technical director Ross Brawn, designer Rory Byrne, whose talent coalesced in returning Ferrari to the top of F1 after years in the wilderness. Schumacher would win five of his seven world driving titles with Ferrari.

As company climber di Montezemolo's first senior appointment, Todt oversaw the scuderia's six consecutive world titles from 1999 to 2004. He handed off as team principal to Stefano Domenicali at the end of the 2007 season, the year after Schumacher's retirement, when Kimi Raikkonen won the driving title. Todt resigned as Ferrari chief executive last March but stayed on the board and was president of the boards of Ferrari Asia Pacific and Ferrari West Europe. He served as special adviser to the racing team through the past season, though his signature red team sweater and Band-Aided fingertips -- he was a notorious nail biter during race weekends -- were little in evidence as he appeared in mufti and looked casual and relaxed.

"I would like to wish him the very best for the future, which I hope will prove extremely satisfying both personally and professionally," di Montezemolo said.

Todt, touted as successor to President Max Mosley at the FIA and whose Ferrari resignations might clear the way for that, is engaged to Malaysian action-film actress Michelle Yeoh. Todt's son Nicolas Todt manages drivers, including Ferrari driver Felipe Massa, and co-owns GP2 team ART Grand Prix.? ?

At a time of drastic sales dropoffs and revenue contraction by world carmakers, including those with Formula One teams, Ferrari showed a 17.6 percent profit on sales, revenue gains of 15.2 percent, brand growth of 28 percent, and investments up to 18 percent of turnover. Tuesday's meeting approved the 2008 balance sheet and annual report.

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Series AUTOMOTIVE , F1