Ferrari President Considering Future

The head of Ferrari said on Friday he was considering his future with the sportscar and racing firm, saying he had achieved the goals he set himself when he took the top job in 1991.

Luca di Montezemolo, who earlier said he had been left in the dark about an agreement on Thursday for the sale of a stake in Ferrari by parent Fiat to bank Mediobanca, did not rule out the possibility he might resign.

"The cycle that I began is over and now is the time to reflect a bit," the Ferrari chairman told reporters at a presentation of a new Ferrari production plant and a new car at its headquarters near the Italian city of Modena.

He said he had met his own ambitions of turning Ferrari into a financial and sporting success - Ferrari driver Michael Schumacher won the Formula One World Championship for the last two seasons and leads this year's table - and of upgrading its manufacturing facilities.

Asked by Reuters whether he might resign, he said: "I have to reflect but it will be a matter of weeks."

Earlier, di Montezemolo said he had not been informed ahead of time about an agreement by Fiat to sell a 34 percent stake in Ferrari to investment bank Mediobanca for 775 million euros.

The sale effectively scuppered a previous plan for a stock market listing later this year which was being prepared by Italian banks IntesaBCI and Unicredito as well as Deutsche Bank.

Di Montezemolo said Ferrari was not dependent on cash from the planned IPO to develop its business.

Under the Mediobanca plan, Ferrari would be floated on the stock market within a year although that period might be extended for a further 12 months.

Ferrari's chairman also said company sales were largely in line and in some areas ahead of its expectations in the first months of 2002.