Luca Cordero di Montezemolo
is to get a 27-million-euro golden handshake from Ferrari after
announcing his 23-year stint as chairman was over on Wednesday.
Montezemolo announced he was stepping down in the wake of
unusually sharp criticism from Sergio Marchionne, the CEO of
parent company Fiat-Chrysler (FCA), as Ferrari endures the
latest in a series of disappointing seasons in Formula One.
Marchionne is taking Montezemolo's place as Ferrari
chairman.
"Mr. Montezemolo will receive the post-mandate indemnity
which he was granted in 2003 and which is described in the
Remuneration Report published by the company (equivalent to five
times the fixed annual compensation of 2,742,000 euros,
i.e. in total 13,710,000 euros, payable in 20 years)," read an
FCA statement.
"In addition, in consideration also of his commitment not
to engage in activities in competition with the Fiat Group
during the period to March 2017, Mr. Montezemolo will receive
the fixed and variable component of the compensation due until
this time which is the end of his original mandate in Ferrari,
amounting in total to 13,253,000 euros, to be paid by January
31, 2015".
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