Montezemolo quits Ferrari after 41 years

Di Montezemolo's future has been the subject of much speculation in recent weeks, leading to an impromptu press call in the Monza paddock, where the 67-year-old spoke of his "commitment" to the outfit and its staff.

But following another disappointing race for the Maranello squad, Sergio Marchionne, head of the Fiat group which owns Ferrari, described the comments as "rubbish" and made clear that "nobody is indispensable".

Di Montezemolo, who is to step aside on October 13, with Marchionne replacing him as Chairman, said the impending floatation of Fiat Chrysler Automobiles on the New York Stock Exchange prompted his departure.

Di Montezemolo made the announcement in the form of a press release, published on Wednesday morning.

"This is the end of an 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," said di Montezemolo.

Di Montezemolo paid tribute to the Ferrari workforce, team partners and supporters in his farewell message.

"My thanks, first and foremost, to the exceptional Ferrari women and men from the factory, the offices, the race tracks and the markets across the world," he said. "They were the real architects of the company's spectacular growth, its many unforgettable victories and its transformation into one of the world's strongest brands.

"A warm farewell and my thanks also to all of our technical and commercial partners, our dealers across the globe and, most particularly, the clients and collectors whose passion I so wholeheartedly share.

"But my thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia's most difficult moments. Ferrari is the most wonderful company in the world. It has been a great privilege and honour to have been its leader. I devoted all of my enthusiasm and commitment to it over the years. Together with my family, it was, and continues to be, the most important thing in my life."

Di Montezemolo also wished Ferrari well in the future, but made no mention of Marchionne.

"I wish the shareholders, particularly Piero Ferrari who has always been by my side, and everyone in the Company the many more years of success that Ferrari deserves," di Montezemolo added.