#LucaDiMontezemolo

Luca di Montezemolo, who has headed up Ferrari for over two decades and presided over record profits, has stepped down amid in-fighting with Fiat head Sergio Marchionne.

Ferrari will be scaling back production in 2013, in an effort to help retain some of the brand’s exclusivity.

Fiat Chairman Luca Cordero Di Montezemolo will be leaving the firm to pursue a career in Italian politics, according to Automotive News [sub]. Montezemolo will remain on Fiat’s board, and will continue to serve as chairman of Ferrari, but he will be replaced atop the Fiat empire by vice-chairman and Agnelli family heir John Elkann. Fiat’s shares rallied considerably this morning, according to Bloomberg Businessweek, but not because Montezemolo is on the way out. Rather, Fiat has finally announced the news that speculators have been waiting patiently for: the firm now confirms that it plans to spin off its auto business.