Luca di Montezemolo said he never expected his team to be so slow at the start of the Formula 1 season.
Speaking during an appearance at the Spanish Grand Prix, his first race since a change of team boss prompted by Stefano Domenicali's resignation, di Montezemolo made it clear how disappointed he was with the early 2014 form.
"It has to be clear that I am not happy with where Ferrari is. Not at all," he said.
"I did not expect a team so less competitive compared to my expectations at the beginning of the season."
But despite his downbeat assessment of Ferrari's early showings, di Montezemolo had faith that new boss Marco Mattiacci was the right man to lead it back to glory.
"I am sure Ferrari has all the capabilities, and all the opportunities, to come back," he said.
"For me it is also important to be closer to the team as in the past, to understand better. I am sure Mattiacci will do a good job, even though he has just arrived.
"But I don't believe in a one-man show, I believe in a good group and we are working very well at the moment to try to improve the situation.
"I expect an improvement in the car in Canada, but I know from the meetings that I have had in the last few days, I also think without any revolution it is important to improve the organisation, and improve the relationship with the suppliers.
"We want to be a team of fighters with determination, no panic. But calm and work knowing what we have to do."
MATTIACCI ONLY CHOICE
Despite rumours in recent weeks suggesting that Ross Brawn could be a contender for a place at the team, di Montezemolo made it clear that he only ever considered Mattiacci to be team boss.
"The situation is that I spoke only to Stefano Domenicali on the Monday [after Bahrain] who said he wanted to resign, and I said: 'listen, wait for three more days because it is better if you think on this'.
"Stefano is a fantastic person, very loyal, very professional and very good. But unfortunately in sport, as in life, results are important and he made a very responsible decision.
"On the Thursday he told me, 'no I am sorry, I think this is a good decision'. So immediately I look inside the company.
"We are not only a team, we are a company, and inside the company we have very good people.
"And I think Marco, for his characteristics, what he has done in the past in Tokyo, in China, in America, he has the capability to manage people. No other alternative.
"To be honest I took the decision, and I didn't even have time to think of anybody else as I didn't want to leave an open position.
"And 99 per cent of the time I am happy when I can to help grow up people inside the company, so there were no other alternatives."