Ferrari CEO Jean Todt relinquished his position in front of shareholders at their annual meeting. Todt, who indicated to the Board of Directors that he was no longer interested in keeping the role, was voted out by his colleagues.

Ferrari CEO Jean Todt relinquished his position in front of shareholders at their annual meeting.  Todt, who indicated to the Board of Directors that he was no longer interested in keeping the role, was voted out by his colleagues.  In his stead, Amedeo Felisa will take over the cavallino rampante reins.

Todt had been CEO since 2006.  He joined the company in 1993 as Director of GES, eventually becoming general manager in 2004.  He will keep his position on the Board, and stay on as President of the Boars of Ferrari Asia-Pacific and Ferrari West Europe.  Todt will continue representing Ferrari to the FIA World Council.  Todt was very critical about how FIA handled the McLaren spy scandal during last year's racing season, saying in several interviews that if Ferrari had been busted for cheating they would have been heavily punished.

"One thing is certain: we at Ferrari can calmly look at ourselves in the mirror," he told Eurosport about the investigation.  "Others cannot do the same thing."

Ferrari earned €1.67 billion in sales last year after delivering 6,465 cars.

At the meeting Todt said, "... a new phase of my life has now begun in which I will have more time to dedicate to myself and my other interests. Naturally I will continue to make a contribution to Ferrari in my institutional positions and in those which the President has chosen to entrust me."

New CEO Amedeo Felisa signed on to Ferrari in 1990 as Director of Product Development.  The 62-year-old has steadily risen in rank at the company, becoming GM in 2006.  Luca di Montezemolo will continue on as President of Ferrari S.p.A., with Piero Ferrari being re-appointed as Vice President.

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