David Rosenthal

he's going to IPO Ferrari and use the proceeds to help pay down the Fiat Chrysler debt.

Now, we should note, through all of this, if you couldn't already foresee it, there was a

huge conflict and power struggle brewing between Luca and Sergio.

These two guys were both incredible auto company operators, but like cut from totally different cloths.

Luca is the ultimate car guy.

He's a great businessman and he's a great executor of the luxury strategy for Ferrari.

But in his mind, in his heart, the cars always have to come first.

The great business decisions come out of the great car decisions.

Sergio, on the other hand, is not a car guy.

He came from a consumer products testing company.

He is a financial engineer and an empire builder.

And actually, the great tragedy to this act of Ferrari is it could have been a beautiful partnership.

And was for a while.

Between the two of them.

And was.

Truly was.

They saved Fiat together.

But ultimately...

Luca and Sergio are not going to be able to coexist and share power within the same structure.

And for a while, Luca going back to just Ferrari... Makes it work.