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Former Ferrari boss takes over FIA Single-Seater Commission

After "stepping down" from his position as team principal at Scuderia Ferrari earlier this year, we knew that Stefano Domenicali would find ways to keep himself busy. We just didn't know with what, but now we have a bit of a clearer picture as the FIA named the longtime racing strategist the head of its Single-Seater Commission at its annual General Assembly, held this past week in Qatar. The FIA Single-Seater Commission, for those unfamiliar, is responsible for organizing and fostering the ladder of formula racing – right up to (but not including) Formula One. The presidency of the commission was previously held by Gerhard Berger, former F1 driver and Toro Rosso team principal, who was largely credited with the rebirth of the FIA Formula 3 European Championship and the founding of the FIA Formula 4 category. Before Berger the position was held by racing consultant Barry Bland, and serving alongside Domenicali as vice-president of the commission will be John Ryan of the UK's Motor Sports Association (MSA). In taking over the commission, Domenicali will be charged with further defining a clear progression for aspiring racers to graduate to increasingly more challenging forms of open-wheel racing. He recently served as well on the special Accident Panel that looked into the Jules Bianchi incident. In that regard he seems to be following a similar trajectory to his predecessor Jean Todt, who was elected president of the FIA shortly after leaving his long career at Ferrari. The FIA appointment, however, isn't the only thing Domenicali has been working on lately. He was also recently hired by Audi in an undisclosed capacity that is said to include evaluating prospects for the German automaker's potential future F1 program. FIA Annual General Assembly FRI 05.12.14 The FIA Annual General Assembly, held in Doha, Qatar, today (5 December 2014), marked the end of the annual meeting week attended by Sport and Mobility FIA Member Clubs from around the world and which culminates with the FIA Prize-Giving ceremony this evening. The FIA President, Jean Todt, along with Senate President Nick Craw and Deputy Presidents Brian Gibbons and Graham Stoker, welcomed the delegates to the meeting and, on behalf of the General Assembly, thanked hosts Nasser Khalifa Al Attiyah and the Qatar Motor and Motorcycle Federation (QMMF) for their warm hospitality and assistance.

Stellantis reports $15B profit in first year of merger

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group. The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses. The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros. CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year. Automakers have struggled with shortages of key parts such as semiconductor electronic components and rising costs for raw materials as the global rebound from the worst of the coronavirus pandemic brings more demand. The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base. The company accelerated its rollout of battery-powered vehicles, with sales of low-emission vehicles reaching 388,000 — an increase of 160%. Stricter environmental regulations in Europe and China are pushing automakers to roll out more electric vehicles with longer range. Stellantis started production of a hydrogen fuel cell commercial van under its Opel brand in December. Stellantis' other brands include Chrysler, Citroen, DS, Fiat, Maserati, Ram and Vauxhall. Related video: Earnings/Financials Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot Vauxhall

Fiat gives outgoing Ferrari chairman $35M severance package

Luca di Montezemolo may not have wanted to leave Ferrari this way, but don't feel too bad for the departing chairman, because he'll be hitting the ground with a golden parachute so big that he'll never have to work again.
According to the latest reports, Fiat will pay Montezemolo 26.95 million euros (nearly $35 million) in severance pay. A little more than half of that will be paid in a lump sum of 13.71 million euros ($17.7M, equivalent to five times his annual salary) on January 31, 2015, with the rest to be paid within the next 20 years.
The payment is contingent on Montezemolo not going to work for a competitor, so don't expect to see him replacing Stephan Winkelmann at Lamborghini or Wolfgang Dürheimer at Bugatti any time soon. At least not until March 2017. Of course with that much cash on hand, the 67-year-old marquis need never work again, but considering how busy he's used to keeping himself, we'd be surprised if he didn't pop up again somewhere.