Ferrari boss top of business elite
By CNN Rome Bureau Chief Alessio Vinci
CAMBIANO, Italy (CNN) -- Like most businessmen, Luca Cordero di Montezemolo enjoys success.
But in Italy, Montezemolo -- who is both chairman of Fiat and president of its sports car unit Ferrari -- has attained celebrity status by reaching the very top of Italy's business elite.
He got there by reviving the once ailing auto icon on both Formula One racetracks and in car showrooms.
In May, he was named the president of the powerful Association of Italian Industrialists, or Confindustria. Three days after his appointment, Fiat chose Montezemolo as its own chairman following the death of Umberto Agnelli, the brother of company's founder.
A long-time friend of the Agnelli family, the 56-year-old Montezemolo is closely associated with -- and owes much of his success -- to them.
He was named Ferrari's sporting director at the age 26 by Gianni Agnelli, the late family patriarch, a man Montezemolo says was "like a father'' to him.
Since then, Montezemolo has led Ferrari down a successful path in sales and F1 racing -- parent Fiat racked up huge losses.
But despite its strong track record, Ferrari has seen its operating profit decline recently because high restructuring costs and a strong euro, which has cut into its exports.
In his new position at Fiat, Montezemolo has handed over day-to-day operations to trusted managers, allowing him to send more time doing what he enjoys most -- dealing with Ferrari and Maserati sports car models.
"Because it is a mix of products -- marketing, organization, technology -- it's fantastic."
