Outgoing Ferrari head Montezemolo to get 27m euro in severance pay

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Luca di Montezemolo quits Ferrari, to be replaced by Sergio Marchionne

Working with Ferrari has its own benefits. Apparently, leaving Ferrari also has some really cool benefits. The outgoing Ferrari head Luca Cordero di Montezemolo will receive a whopping 27 million euro (USD 34.7 million) severance package. The news has been confirmed by the brand’s parent group Fiat.

The severance pay is five times of the annual salary received by Montezemolo which accounts to 13.71 million euros over 20 years. Montezemolo will also receive 13.25 million euros to not to engage in activities in competition with the Fiat Group during the period to March 2017.

Montezemolo who was dogged by six years of Formula One racing failure had announced on Wednesday that he will step down from the chair on October 13. Ferrari won its last Formula One title in 2007. The post will be filled by the head of parent group Fiat, Sergio Marchionne. Ferrari is a subsidiary of the Fiat Group which Montezemolo chaired from 2004 until 2010.

Stay tuned to Motoroids for more updates from motoring industry. Do share your thoughts and opinions about Luca Cordero di Montezemolo’s exit from Ferrari through comments section.

Source: AFP via ET Auto

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