Chairman of the Ferrari formula 1 team Luca Di Montezemolo is to step down from his position on October 10 following what has been a poor season for the team.

The 67-year old is also said to have had disagreements with Sergio Marchionne, the Chief Executive of Ferrari’s parent company Fiat who will replace him in October.

Di Montezemolo, who was an assistant to the legendary Enzo Ferrari in the mid-70s, stated “This is the end of an era after almost 23 marvellous and unforgettable years. It has been a great privilege.”

Formerly President of Maserati, Di Montezemolo became Ferrari chairman in 1991 when the team was struggling in the sport, turning its fortunes around and winning the Constructors title in 1999.

It was the first time Ferrari won the title in 16 years and the win was followed with the Drivers’ Championship in 2000 through Michael Schumacher, a first since 1983.