(CNN) -- With Ferrari currently enduring one of its least competitive Formula 1 seasons in years, the man who helped the team to the top of the sport is to step down as chairman. More than two decades after first taking up the post in 1991, Luca di Montezemolo will leave the Scuderia on October 13, with chief executive officer of parent company Fiat Sergio Marchionne is set to succeed him. "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," read a statement from Di Montezemolo.
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Luca di Montezemolo to resign as Ferrari chairman
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Di Montezemolo has enjoyed much success in the role over 23 years
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The 67-year-old to be succeeded by Sergio Marchionne
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In recent Formula One seasons Ferrari has struggled
"I want to thank @placeholder for all he has done for Fiat, for Ferrari and for me personally."