The share sale will help fund FCA’s $61 billion growth plan in creating future products. FCA Chairman, John Elkann, said: “the separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow FCA shareholders to continue to benefit from the substantial value inherent in this business." Fiat has owned Ferrari since 1969, acquiring Chrysler earlier this year. Recently departed former CEO Luca Cordero di Montezemelo ran Ferrari since 1991. Upon severing his tenure with the carmaker
, he declared it “an end of an era,” with Marchionne taking over as Ferrari’s CEO.