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

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.