Outgoing Ferrari head Luca Cordero di Montezemolo, squeezed out of the sports car company after a poor Formula One streak, will receive a €27 million severance package, the brand's parent group Fiat said on Wednesday.
The 67-year-old, who headed up the company as president for 23 years, will receive five times his annual salary, some €13.71 million over 20 years, Fiat said in a statement.
He will also be paid €13.25 million "not to engage in activities in competition with the Fiat Group during the period to March 2017", it said.
Montezemolo - dogged by six years of Formula One racing failure - announced earlier on Wednesday that he will step down on October 13th.
The top job at the Italian Ferrari luxury sports car company will be taken over by the head of parent group Fiat, Sergio Marchionne. Full story...
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The 67-year-old, who headed up the company as president for 23 years, will receive five times his annual salary, some €13.71 million over 20 years, Fiat said in a statement.
He will also be paid €13.25 million "not to engage in activities in competition with the Fiat Group during the period to March 2017", it said.
Montezemolo - dogged by six years of Formula One racing failure - announced earlier on Wednesday that he will step down on October 13th.
The top job at the Italian Ferrari luxury sports car company will be taken over by the head of parent group Fiat, Sergio Marchionne. Full story...
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