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Ferrari to keep CEO Amedeo Felisa post spin-off

Ferrari is undergoing a big shakeup, and not just on the Formula One racing grid. It's just parted ways with its longtime chairman, is being spun off from the rest of the Fiat Chrysler Automobiles group and will soon launch its initial public offering on the stock market. But one thing it's not about to change at this point is its CEO. Speaking to journalists in Milan this past Friday, FCA chairman John Elkann said, "There will be no CEO change," indicating that the job of chief executive Amedeo Felisa is secure for at least a while longer. After two decades at Alfa Romeo, Felisa joined Ferrari back in 1990, was named general manager in 2006 and chief executive in 2008. In that capacity, he's always reported to company chairman Luca di Montezemolo, whose place was recently taken by Sergio Marchionne. It remains unclear, however, just how directly involved Marchionne will remain in the Prancing Horse marque, especially after the spin-off, and what that would mean for Felisa. In launching the IPO, Ferrari could institute a loyalty scheme that would award additional stake to the company's oldest and largest shareholders – which would only further entrench the holdings of the Agnelli family which Elkann heads and which stands to become the largest stakeholder in Ferrari after its separation from the rest of the group.

Race Recap: 2014 Hungarian Grand Prix a thrilling wet mess

Three Free Practice sessions left us thinking Lewis Hamilton looked good to claim another victory for Mercedes AMG Petronas and close up the Driver's World Championship race, but the first qualifying session for the 2014 Hungarian Formula One Grand Prix threw out that script. A fuel leak in Q3 set Hamilton's car aflame and he never set a time. His chassis damaged beyond repair, the team built him a new one and he started from pit lane. That same session also claimed Ferrari's Kimi Räikkönen, when a bad call about whether to go out again dropped him down to 17th and out for the day.
Without a real challenge, that put Hamilton's teammate-slash-nemesis Nico Rosberg on pole in the other Mercedes, followed by a resurgent Sebastian Vettel in the first Infiniti Red Bull Racing, Valtteri Bottas in the first Williams and Daniel Ricciardo in the second Red Bull. Fernando Alonso waved the scarlet in fifth for Ferrari but figured he could be in third place by the end of the first lap. Felipe Massa put the second Williams in sixth, followed by Jenson Button in the first McLaren, Jean-Eric Vergne getting up to eighth for Toro Rosso, Nico Hülkenberg in ninth for Force India and Kevin Magnussen in the second McLaren.
When rain poured on the 4.381-kilometer Hungaroring before the race, every script up and down the field got rewritten, and they would continue come in for revision almost every one of the 70 laps.

Montezemolo steps down, Marchionne steps up as chairman of Ferrari

If the history of an automaker is divided up by the mandate of its leadership, then this is surely the end of an era for Ferrari. After repeatedly locking horns with Fiat Chrysler CEO Sergio Marchionne over a variety of issues, longtime Ferrari chairman Luca di Montezemolo has announced his resignation.
Montezemolo has a long history with both Fiat and Ferrari. He started his career at the former before moving over to the latter in 1973 (only a few years Fiat took over half of Ferrari), starting out as Enzo Ferrari's assistant. He was appointed head of the Scuderia the following year, driving the team to success and subsequently taking over all of the Fiat group's racing activities. After the Prancing Horse marque struggled in the wake of its founder's death in 1988, Montezemolo was appointed to take it over in '91 and has been at the helm ever since.
Following Fiat chairman Gianni Agnelli's passing in 2003, both Montezemolo and Marchionne were named to the Fiat board. A year later, after the passing of Gianni's younger brother Umberto, Montezemolo was named chairman of the Fiat Group (to be succeeded six years later by Agnelli heir John Elkann) and Marchionne its chief executive.