Marchionne, Montezemolo “Clarify” Ferrari Shakeup

Fiat SpA CEO Sergio Marchionne has bluntly refuted widespread speculation that Luca di Montezemolo was ousted as chairman of Ferrari SpA because of the poor performance of the Ferrari Formula One racing team or disagreement over appropriate level of exclusivity for the brand.

But Marchionne isn't offering an alternative reason for Montezemolo's exit next week after heading Ferrari for 23 years. Marchionne, who will succeed Montezemolo as Ferrari chairman, tells reporters at the Paris auto show, "His departure is not as glorious as you make it."

Montezemolo, 67, has been no help in clarifying his move. "Life is strange. Life makes surprises," he said cryptically after unveiling the Ferrari 458 Speciale A spider at the Paris show last week. At 597 hp, the car is the company's most powerful production vehicle ever.

Montezemolo says Ferrari will post 5% more unit sales, generate some €15 billion in cash and deliver a record-high operating profit of more than €400 million this year.