MOTORSPORT: Ferrari chairman Montezemolo ousted

Ferarri is expected to announce record profits today, but executive chairman Luca Montezemolo is on the way out anyway because of the company's failure in F1 in recent years – and particularly in the new hybrid era.

As late as last weekend Montezemolo insisted he was staying on, but the Ferrari team's dismal performance in its home race, the Italian Grand Prix at Monza on Sunday, sealed his fate.

Its best driver, Spanish dual world champion Fernando Alonso, dropped out at Monza with an energy recovery system (ERS) failure.

His Finnish teammate Kimi Raikkonen, another world champion, crossed the finish line only 10th (he was promoted one place by a penalty on McLaren driver Kevin Magnussen).

Sergio Marchionne, chief executive of Ferrari's financial parent Fiat, will succeed Montezemolo as chairman of the Maranello-based prestige sports car maker and the most successful and revered team in F1.

Marchionne said Ferrari's recent F1 form was "unacceptable" and "something needs to be fixed".

"One thing is to sell cars and get results, quite another is that the essential part of what we do – not the markets – is to represent a winning Ferrari in Formula One," Marchionne said.

"This point is non-negotiable and it remains a totally clear objective.

"We can't accept a situation any different from this. I don't want to see people [drivers] in seventh position or in 12th – I'm not interested in this and nor is Fiat.

"To see Ferrari in these conditions with the best drivers around the world, with excellent people in the garage and some extremely capable engineers ... to see all that and seeing we haven't won anything [world titles] since 2008 ... no.

"Luca and I are big friends, but when I read his quotes [that he had an offer to extend his contract for three years] ... those are things I would never have said."

Montezemolo, who resurrected Ferrari with the great Austrian driver Niki Lauda in the mid-1970s and returned as chairman 23 years ago, will depart officially on October 13.

That will coincide with the flotation of the new Fiat Chrysler Automobiles company on the New York Stock Exchange.

"This will open up a new and different phase [for Ferrari] which I feel should be spearheaded by the CEO of the group," Montezemolo said in an attempt at saving face.

Ferrari's F1 team principal Stefano Domenicali was offloaded earlier in this winless season, replaced by Marco Mattiaci, who had headed North American road car sales for the company, but had no particular motor racing expertise.

Mattiaci has been ringing the changes within the team, especially the engine department, but without immediate impact on its GP results.

Ferrari is only fourth in the constructors' world championship (behind Mercedes, Red Bull-Renault and Williams-Mercedes).

Alonso is only fifth in the drivers' championship (behind Mercedes' Nico Rosberg and Lewis Hamilton, Red Bull's Australian triple race winner this season Daniel Ricciardo and Williams' young Finn Valterri Bottas) while Raikkonen is only 10th.

It is an ignominious end in charge of the company symbolised by the Prancing Horse for Montezemolo – who oversaw two great eras, firstly with Lauda and then Michael Schumacher with Jean Todt as team principal – but he remains publicly loyal to it to the end.

Montezemolo said he had had "23 marvellous and unforgettable years, in addition to those spent at [the late] Enzo Ferrari's side in the 1970s".

"Ferrari is the most wonderful company in the world. It has been a great privilege and honour to have been its leader," he said.

"Together with my family, it was, and continues to be, the most important thing in my life."