Ferrari president Luca Di Montezemolo announces he will leave the company next month.

Luca Cordero di Montezemolo wawes to supporters at the pit lane during the third free practice at the Monza racetrack, in Monza, Italy , Saturday, Sept. 6 , 2014. The Formula one race will be held on Sunday. (AP Photo/Alessandro Trovati) (The Associated Press)

Ferrari driver Fernando Alonso of Spain watches his car after failing to complete the Italian Formula One Grand Prix at the Monza racetrack, in Monza, Italy, Sunday, Sept. 7, 2014. (AP Photo/Antonio Calanni) (The Associated Press)

TURIN, Italy – Ferrari president Luca Di Montezemolo will leave the company next month amid a very disappointing season by the flagship Formula One team.

A statement from Ferrari's parent company Fiat-Chrysler said Montezemolo will depart on Oct. 13 following the company's 60th anniversary celebration of sales in the United States.

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

While Ferrari is healthy economically, the F1 team has struggled in recent years and was a long way off the leaders at last weekend's home Italian Grand Prix, where there was a public spat over the team's performance.

Marchionne said misunderstandings "became clearly visible over the last weekend" and required action.