Ferrari President Luca Di Montezemolo is going to leave the company next month, The Associated Press reports.

In a statement, Fiat-Chrysler said that Montezemolo will depart on October 13 following Ferrari’s 60th anniversary celebration of sales in the United States.

In the immediate term, Fiat-Chrysler CEO Sergio Marchionne will also take on the Ferrari job.

Fiat controls 90% of Ferrari.

“Ferrari will have an important role to play within the FCA Group in the upcoming flotation on Wall Street. This will open up a new and different phase which I feel should be spearheaded by the CEO of the Group,” Montezemolo said in a statement.

He added: “This is the end of an era and so I have decided to leave my position as Chairman after almost 23 marvellous and unforgettable years in addition to those spent at Enzo Ferrari’s side in the 1970s.”

Source: The Associated Press via Detroit Free Press, Ferrari