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Ferrari bestows derparting head with 27 Million Euros

Snapshot: The 67 year old ex-boss will leave the Ferrari on the 30th October and will receive this amount as a severance package said the parent group FIAT.

Luca Cordero Di Montezemolo, is one lucky man on earth. Even after pulling him out as the head of Ferrari, he will be paid 27 Million Euros (USD 35 million) for his unequivocal service of 23 years for Ferrari. The 67 year old ex-boss will leave the Ferrari on the 30th October and will receive this amount as a severance package said the parent group FIAT.

Italian super car maker is a subsidiary of  the Fiat group. His shoes will be filled by Sergio Marchionne, current Head Fiat. Ferrari, better known as the luxury super car makers also participates in the F1 championship and displayed immense potential when they won 5 consecutive championships from 2000-2004 with Michael Shumacher behind the wheels. But for the last 6 years, Ferrari has not been able to recreate any magic in circuit with the last title win coming in 2007.

This resulted in the exit of Luca Cordero. He publicly stated that he wanted another three years in the job, but the Fiat head Marchionne was quoted in media sayings that "no-one is indispensable". A statement said he will be paid 13.25 million euros for "not to engage in activities in competition with the Fiat Group during the period to March 2017". Also 13.71 million euros will be paid over 20 years time.

Read our latest Schumacher related news here.

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