Jean Todt has resigned as the CEO of Ferrari, the company announced today, subsequent to the completion of its shareholders' meeting. The legendary Frenchman had taken on the position at the parent company of the F1 team in October 2006, and...
Jean Todt has resigned as the CEO of Ferrari, the company announced today, subsequent to the completion of its shareholders' meeting. The legendary Frenchman had taken on the position at the parent company of the F1 team in October 2006, and leaves the position after only 17 months at the helm.
Todt originally took the position to guide the transition of Scuderia Ferrari, whose team principal he became in 1993, after three years at the helm of the Peugeot World Rally Championship team. With Stefano Domenicali taking over as the team principal, and Ross Brawn moving to Honda, Todt's guidance was considered highly valuable to the sporting operations of the company.
In addition, Luca di Montezomolo, the president and chairman of both Fiat and Ferrari, was also acting as the president of Confindustria, the Italian employers' federation, reducing the amount of time he was able to spend on the Ferrari management.
Todt agreed to hold the reins while di Montezomolo's Confindustria workload prevented him from completely focusing on Fiat's and Ferrari's management. However, with Emma Marcegaglia, the managing director of the Marcegaglia SpA steel company, now taking over at Confindustria, di Montezomolo is free to shift his attention back to Fiat -- and Ferrari.
As a result, Todt is stepping down, although he will stay as a director on Ferrari's board, with former general manager, Amodeo Felisa, taking over as the company's CEO.
"My commitment to the President had been to manage the company until the end of his mandate as President of Confindustria and to indicate the new director of the Sports Management," Todt explained. "Having accomplished these tasks, a new phase of my life has now begun in which I will have more time to dedicate to myself and my other interests."
Todt will be in Malaysia this weekend, but the visit was planned long before Ferrari's disastrous opening weekend in Australia, and is a personal visit rather than engaging Todt in the Formula One operations again. The visit also gives Todt's longtime companion, Michelle Yeoh, an opportunity to visit her family in Malaysia.