09 September 2014, 19:31 / Auto

Ferrari's failures in Formula 1 could cost its president his job

The future of Ferrari President Luca di Montezemolo has come into question following criticism from Sergio Marchionne, the CEO of Fiat Chrysler, which owns the automaker. There are no irreplaceables, said Marchionne, answering questions from journalists during the Italian Grand Prix in Monza about di Montezemolo's failure to lead Ferrari to the Formula 1 championship within six years.

According to Mediobanca analysts, Marchionne's words indicate a possible change in Ferrari's leadership, although it was previously announced that di Montezemolo, who has headed Ferrari for 23 years, will remain in his post for another three years. Bankers believe his departure will increase the likelihood of Ferrari going public; This will have a positive impact on Fiat's share price, as it will reduce its debt and improve its credit rating, Mediobanca analysts are confident.

Fiat began thinking about listing Ferrari on the stock exchange in 2005. And three years ago, Marchionne said it could list “at any time.” According to him, at that time the cost of Ferrari could exceed 5 billion euros. Fiat owns 90% of the automaker's shares. The remaining 10% of the shares are owned by Piero Ferrari, son of the company's founder Enzo Ferrari.

Last year, Ferrari's sales increased by 5% to 2.3 billion euros and net profit by 5.4% to 246 million euros. In total, it sold 6,922 vehicles in 2013. Ferrari's largest market is the United States, accounting for almost a third of sales (2,035 vehicles in 2013).

This year, Ferrari is having an unsuccessful season in Formula 1. In April, Stefano Domenicali left the post of team leader and was replaced by Marco Mattiacci, who previously headed Ferrari USA. However, Ferrari is now fourth in the team standings, while its drivers Fernando Alonso and Kimi Raikkonen are fifth and tenth in the individual standings, respectively. Di Montezemolo's possible departure from Ferrari will not affect the team's special status in Formula 1. However, its influence may be diminished as di Montezemolo is actively involved in the endless debate over the future of the racing series.

Translated by Alexey Nevelsky