Ferrari Chairman to Be Autocar's 'Man of the Year'

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Last updated at: (Beijing Time) Wednesday, November 20, 2002

Ferrari Chairman to Be Autocar's 'Man of the Year'

Autocar, the oldest motoring magazinein the world, Tuesday presented Italy's Ferrari Chairman Luca Cordero di Montezemolo with its prestigious Man of the Year award.

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Autocar, the oldest motoring magazine in the world, Tuesday presented Italy's Ferrari Chairman Luca Cordero di Montezemolo with its prestigious Man of the Year award.

Montezemolo, 55, is only the second Italian to receive the London weekly's annual award. He was the unanimous choice of the selection panel, which last year honoured the head of Japanese auto giant Nissan.

Although Ferrari has drawn most attention for its recent dominance of Formula 1 motor-racing, the prize was more a recognition of Montezemolo's success in ensuring the group's continued competitivity as a sports car manufacturer.

"Under his charismatic leadership, Ferrari has built the best cars in the world, it has given a new impulse to Maserati and laid the foundations for a new generation of technologically advanced road cars," said Autocar Chairman Steve Fowler.

Ferrari acquired complete control of the loss-making Maserati in 1999 and since then Montezemolo has engineered a steady improvement in accounts. Ferrari's historic racing rival is expected to be back in the black next year.

"The racing team is motivated, the company is doing well, and Maserati is increasingly successful" the chairman admitted modestly after the presentation ceremony. "We're enjoying the moment, fully aware that there are tougher times ahead."

Ferrari's Formula One team this year won the constructors' championship for the fourth year in a row, as Michael Schumacher took his fifth world title and third in a row with Ferrari.

Second-string driver Rubens Barrichello also had his best season ever, finishing second in the overall standings.

"Ferrari will go down in history thanks to a year which I think, unfortunately, will be hard to repeat," Montezemolo said.

"Still we'll do everything we can to win a fifth constructors title."

Montezemolo, who took over at Ferrari in 1991 when it was a sound financial concern but a straggler in Formula 1, confirmed plans to float the company on the stock market in the spring or summer of 2003.

Ferrari, which is controlled by Fiat, has returned positive balance sheets for over a decade and its stocks are expected to be a hot commodity.

Last year, Ferrari's turnover rose 17 percent to 1.04 billion euros. It produced 4,150 vehicles of which 1,200 were exported to the United States.

This year, Ferrari is poised for another record year with consolidated turnover expected to climb a further 10 percent.

Montezemolo said that Fiat's current difficulties would not affect Ferrari's projects.

Autocar, which is 106 years old, is one of the most respected car magazines in the world and sells half a million copies a week.

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