Di Montezemolo's links with the Italian marque stretch back still further, with his first involvement coming alongside founder Enzo Ferrari in the 1970s. He has led their road and racing divisions since November 1991.
His departure has been rumoured for some months and become almost certain following last weekend's Italian Grand Prix.
Significantly, Sergio Marchionne, the CEO of Ferrari's parent company Fiat Chrysler, criticised the Scuderia's recent lack of success, and suggested that Di Montezemolo's tenure was near its end. It was confirmed this morning (September 10) that he will officially leave the company on October 13.
"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 in addition to those spent at Enzo Ferrari's side in the 1970s," said Di Montezemolo.
"Ferrari is the most wonderful company in the world," he continued. "It has been a great privilege and honour to have been its leader. I devoted all of my enthusiasm and commitment to it over the years.
"Together with my family, it was, and continues to be, the most important thing in my life," he concluded.
Marchionne will become Ferrari's new chairman, though whether this is a long-term role or a stop-gap before a more permanent successor can be found is unclear. Rumours continue to suggest that Marco Mattiacci will take the top job, leaving his role as team principal open for the returning Ross Brawn.