Ferrari president Luca di Montezemolo has announced he is to step down as chairman of the Fiat group after six years in office.

Di Montezemolo will be replaced by 34-year-old John Elkann, grandson of late Fiat head Gianni Agnelli, with the appointment to be made official at tomorrow's board of directors meeting.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.