Montezemolo’s Exit Pay at Ferrari: €27 Million

Luca di Montezemolo will receive a severance package worth €27 million when he leaves the chairmanship of Ferrari SpA on Oct. 13, according to company owner Fiat SpA.

Montezemolo, who has headed Ferrari for 23 years and is a past chairman of Fiat, was pushed out after clashing with Fiat CEO Sergio Marchionne over Ferrari's brand strategy. He also has been blamed for the company's dismal performance in Formula One racing.

Montezemolo's compensation will be paid in the form of a lump sum of €13.3 million by the end of next January in exchange for agreeing not to compete with Ferrari until March 2017.

He also will receive €13.7 million 20 years from now under employment terms granted in 2003. The latter amount is five times his fixed annual compensation.