• Mar 18, 2009


During Ferrari's annual stockholders' meeting, company chairman Luca di Montezemolo announced that Jean Todt has resigned from all of his duties at the automaker. The former CEO and Formula One head has been the face of Ferrari for the last 15 years, joining the automaker in 1993 after a successful stint at Peugeot where he was instrumental in the French company's motorsports successes. In the following years, Todt thoroughly reorganized the Ferrari F1 team, eventually bringing racing legend Michael Schumacher, along with Ross Brawn and Rory Byrne, into the fold, and went on to preside over seven constructors' wins and five drivers' championships. Todt hasn't announced his next step, but we imagine a cocktail on the Riviera is in his future. Ferrari's press release is posted after the jump.

[Image: Fred Dufour/Getty]

PRESS RELEASE

Ferrari Stockholders' Meeting: record 2008 balance sheet approved

Jean Todt resigns from Board

Maranello, March 17th 2009 – The Annual General Ferrari Stockholders' Meeting took place today under the chairmanship of Chairman Luca di Montezemolo.

The Meeting approved the 2008 balance sheet and annual report which, as announced over the last few days, revealed record results across all of the main economic indicators. The first and foremost of these was, of course, profitability with the ROS (Return on Sales) rising to 17.6) in 2008 with its Brand-related activities (licensing, retail and ecommerce) growing particularly strongly (28 of turnover too.

Also at today's Meeting, Chairman Luca di Montezemolo announced Jean Todt's decision to resign his membership of the Ferrari Board of Directors and from all of the other positions he holds in the Company. The Chairman then thanked Mr Todt on behalf of the Board of Directors and everyone at Ferrari, for the major contribution he has made to the success of the Scuderia over the years, and the commitment and dedication he has shown in all of the positions he has held since he arrived at Maranello in 1993. Mr Todt's appointments at Ferrari included those of GES Director, CEO and Member of the Board of Directors.

"Jean Todt has been one of the leading protagonists of the Ferrari story of the last 15 years," declared Montezemolo. "Skill and passion have always characterised his work and have won him the respect and affection of my staff, the Company as a whole and Prancing Horse enthusiasts everywhere. I would like to wish him the very best for the future which I hope will prove extremely satisfying both personally and professionally."

"All of these years we've spent together – victories and tough times included – have forged a link between Jean Todt and Ferrari that will never be broken," concluded the Chairman.


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    • 1 Second Ago
  • 10 Comments
      • 5 Years Ago

      At least he has Michelle Yeoh to relax with during his retirement!!!
      • 5 Years Ago

      Sorry, double post. Didn't know it would post that quickly, without an email confirm.
      • 5 Years Ago
      Let us know if he buys a house in North Carolina.
        • 5 Years Ago
        Or making a bid to replace that prick Max Mosely
        • 5 Years Ago
        My hunch is he is going to work with Brawn. He's crazy for leaving Ferrari, but then again he's been to the summit. He might be looking at other mountains now..
      • 5 Years Ago

      At least he has Michelle Yeoh to relax with during his retirement!
      • 5 Years Ago
      Is it me or has autoblog been kind of slow lately. I don't know, I am a car lover and all, but this is not the kind of news I come to this website for. Find some kids' rendered speculation for a 2020 Corvette or something.
        • 5 Years Ago
        You know.... I actually did, and what do ya know! It brought me to this post. Now isn't that something?
        • 5 Years Ago
        Have you noticed that round thingy on your mouse? It's called a scroll wheel, especially designed to aleviate you aggravation. Ain't that something?

        Now use it.
      Big Diesel
      • 5 Years Ago
      I wonder who will be promoted...