Todt not leaving Ferrari, says president

Di Montezemolo, who is also president of the Fiat company, visited the Maranello outfit yesterday along with Fiat's board of directors, who held a pre-planned board meeting there.

And the Italian was full of praise for Ferrari's achievements in Formula One, having won both championships after the retirement of Michael Schumacher and the departure of several key personnel, including technical director Ross Brawn and chief designer Rory Byrne.

"When we decided last February to hold the Fiat board meeting here, I would never have thought that it would have happened three days after winning the title," di Montezemolo told reporters after the Maranello meeting.

"So it's a double satisfaction, from one side Fiat that has more than doubled the net profit, and from the other Ferrari's exceptional season results.

"At the beginning we had some worries because Schumi, Brawn, [Paolo] Martinelli and Byrne weren't around anymore.

"But the men called to substitute them have demonstrated we did not make a mistake in choosing them: they reacted in difficult times and under Todt they've formed a strong team."

Di Montezemolo dismissed rumours that Todt himself is set to leave Ferrari and said the Frenchman will remain in his role as Ferrari CEO - including the running of the motor racing section of the company.

"Todt is the CEO of Ferrari and until further notice he will carry on doing that, while also having the Gestione Sportiva under his wing," di Montezemolo said.

"In any case we'll announce the team organisation for 2008 at Christmas."