Ex-Ferrari Boss Montezemolo Named New Alitalia Chairman

Nov 07, 2014 02:00 PM EST | Matt Mercuro

Alitalia has named long-time Ferrari chairman Luca Cordero di Montezemolo its new chairman, according to Italian newspaper Italian newspaper Il Messaggero.

The Italian airline's board named Montezemolo during a meeting on Wednesday and a confirmation by shareholders is expected "later this month," the newspaper reported, according to the Associated Press.

Alitalia's press office has not commented on the news yet.

"Yesterday, the board of the old Alitalia designated Montezemolo and Hogan who will eventually be nominated by the board of the new company," a source said to Reuters.

Alitalia is currently in the middle of reshuffling its management after being taken over by Emirates-based Etihad.

Il Messaggero also confirmed that Etihad CEO James Hogan would be Alitalia's vice chairman.

Etihad purchased a 49-percent controlling stake in Alitalia over the summer, making it the largest shareholder, alongside a number of different Italian entrepreneurs and banks.

Montezemolo, who is one of the most recognizable businessmen in Italy, left Ferrari officially on Oct. 13, the same day the newly merged Fiat Chrysler Automobiles listed in New York, according to Reuters.

"Montezemolo is well recognized in business circles worldwide so having him as chairman is definitely a success and will help build a strong brand image," said Andrea Giuricin, a transport analyst at Milan's Bicocca university, according to Reuters.

Montezemolo had been Ferrari chairman since 1991. Since the parting, Marchionne announced a plan to spin off 10 percent of Ferrari's shares as an independent publicly traded company.

The remaining 90 percent will be distributed among FCA shareholders, including the Agnelli family, which founded Fiat, according to Reuters.

"As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari," FCA Chief Executive Sergio Marchionne said in a statement, according to Reuters.

Ferrari made a record 2.34 billion euros in revenue last year.

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?

© 2021 Auto World News, All rights reserved. Do not reproduce without permission.
Get the Most Popular Autoworld Stories in a Weekly Newsletter

Join the Conversation

Real Time Analytics