Report: Outgoing Ferrari boss to get multimillion-dollar severance pay

How much exactly?
Sep 12, 2014

TopGear.com.ph Philippine Car News - Report: Ferrari’s soon-to-be ex-boss to get multi-million severance pay

The other day, we reported that Ferrari chairman Luca di Montezemolo had announced his resignation from the storied Italian carmaker. Of course, for a man of his position, it's highly doubtful that he'll go home empty-handed. And indeed he won't. According to Reuters.com, di Montezemolo will be receiving a severance pay of $34.85 million.

Based on the report, Montezemolo will receive a lump-sum payment of $17.13 million by January 31, 2015, in return for agreeing not to compete with the Fiat Chrysler conglomerate until March 2017. As for the balance, Montezemolo will receive $17.73 million payable in 20 years.

You think the Philippine-peso equivalent of P1.5 billion is enough to soothe any bad feelings di Montezemolo might have over the Fiat Chrysler Group takeover of his beloved Ferrari?

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