F1 2014: Ferrari Chairman Luca Di Montezemolo to be Replaced by Sergio Marchionne

Luca di Montezemolo has resigned as Ferrari chairman after 23 years at the helm of the Formula 1 team, the 67-year-old has confirmed.

Di Montezemolo will leave the Italian team on 13 October after reigning as chairman since 1991 and will be replaced by Sergio Marchionne, chief executive of parent company Fiat.

Without a drivers' or contractors' championship since 2008, di Montezemolo has come under increasing pressure over his role despite his influence in Ferrari's rise as the biggest name in Formula 1.

"I have decided to leave my position as chairman after almost 23 marvellous and unforgettable years," he said.

"Ferrari is the most wonderful company in the world. It has been a great privilege and honour to have been its leader.

"I devoted all of my enthusiasm and commitment to it over the years. Together with my family, it was, and continues to be, the most important thing in my life.

"My thoughts go also to our fans who have always supported us with great enthusiasm especially through the Scuderia's most difficult moments."

The departure – which followed a strong denial from di Montezemolo at the weekend's Italian Grand Prix in Monza – is the latest alteration behind the scenes at Ferrari after Stefano Domenicali's departure as team principal in April.

Ferrari suffered their worst finish of the season at their home grand prix, with Fernando Alonso retiring and teammate Kimi Raikkonen finishing only ninth with the team set to go a sixth straight season without claiming a major trophy.