Ferrari chairman quits to leave Fiat's Marchionne in driving seat

Ferrari President Luca di Montezemolo looks at the track from the pit lane during the second free practice of the Spanish F1 Grand Prix at the Barcelona-Catalunya Circuit in Montmelo May 9, 2014. REUTERS/Albert Gea

MARANELLO Italy (Reuters) - Luca Cordero di Montezemolo, chairman of Italian luxury sports car maker Ferrari, is quitting to be replaced by the boss of parent group Fiat after the two men clashed over strategy and the Formula One team's poor results.

Montezemolo, one of Italy's best-known and most colourful businessmen and a protege of Fiat's founding Agnelli family, will leave on Oct. 13. That day, the newly merged Fiat Chrysler Automobiles (FCA) is due to be listed in New York.