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Todt steps down as Ferrari CEO

Ferrari's shareholders on Tuesday confirmed the board of directors for a three-year period, with Luca di Montezemolo staying on as president and Jean Todt stepping down from his role as CEO.

The Frenchman will be replaced by Amadeo Felisa.

Todt, who left his position as team principal of the Formula One team this year, had been appointed CEO in October 2006.

The Frenchman will remain as part of the Ferrari board, after been given special appointments in GT activities and Sports Management. He will also continue to represent Ferrari at the FIA World Council.

"My commitment to the President had been to manage the company until the end of his mandate as President of Confindustria and to indicate the new director of the Sports Management," said Todt.

"Having accomplished these tasks, a new phase of my life has now begun in which I will have more time to dedicate to myself and my other interests.

"Naturally I will continue to make a contribution to Ferrari in my institutional positions and in those which the President has chosen to entrust me."

Ferrari said in a statement that it "thanks Jean Todt for the extraordinary human and professional contribution he has made over the last fifteen years of sporting success and great growth for the company of the Prancing Horse."

The Board is now therefore composed as follows: Luca di Montezemolo, Piero Ferrari, Jean Todt, Amedeo Felisa, Alfredo Altavilla, Diego della Valle, Christopher Gent, Enrico Lippi, Sergio Marchionne, Paolo Monferino, Lindsay Owen-Jones, Marco Piccinini and Sergio Pininfarina.

The shareholders' meeting also approved the balance sheet of the company in 2007, when 1,668 million euro were invoiced and 6,465 cars were delivered.

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