The chairman of Italian car manufacturer Ferrari stepped down on Wednesday amid speculation that the brand - one of the most recognizable in the world - will be expanded and used to drive more sales, with parent company Fiat-Chrysler set for a flotation on Wall Street next month.
Famed for its blood red sports cars and prancing horse logo, it has been an integral part of international motor racing since 1950. However, with dwindling success on the track tensions came to a head last weekend when company execs were involved in a very public spat.
Sergio Marchionne, the CEO of parent company Fiat openly criticized the Ferrari team on Sunday after lackluster results in the Italian Formula 1 Grand Prix. Ferrari now hasn't won the lucrative Formula 1 driver's championship since 2007 after dominating for much of the previous two decades.