Fiat to spin off Ferrari into separate company

The board of directors of Fiat Chrysler Automobiles (FCA-IT) announced on Wednesday the decision to separate Ferrari from the company.

"Following our acquisition of the minority interest in Chrysler earlier this year, the transformation of Fiat and Chrysler into FCA was completed earlier this month with our debut on the New York Stock Exchange," FCA CEO Sergio Marchionne said in a release. "As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari."