Ferrari parts company with designer James Allison (Update)

UPDATE

Mattia Binotto takes over for James Allen
Mattia Binotto takes over for James Allen

Maranello (Italy), July [27], 2016 – Ferrari N.V. (“Ferrari") (NYSE/MTA: RACE) announces that after three years of working together, Scuderia Ferrari and James Allison jointly decided to part ways.

Maurizio Arrivabene, Team Principal of Scuderia Ferrari, commented as follows:
The Team would like to thank James for his commitment and sacrifice during the time spent together, and wishes him success and serenity for his future endeavors.

James Allison stated:
During the years I spent at Ferrari, at two different stages and covering different roles, I could get to know and appreciate the value of the team and of the people, women and men, which are part of it. I want to thank them all for the great professional and human experience we shared. I wish everybody a happy future with lots of success.

Mattia Binotto will take on the role of Chief Technical Officer at Scuderia Ferrari. Ferrari PR

James Allison's cars just not good enough to beat Aldo Costa's
James Allison's cars just not good enough to beat Aldo Costa's

07/27/16 Ferrari has confirmed that James Allison has departed the squad, with Mattia Binotto installed as Chief Technical Officer.

Allison spent five years at Ferrari in the early 2000s prior to a long stint with Renault, which came to an end when he returned to Ferrari mid-2013.

Speculation over Allison's future had been rife in recent weeks and his departure was announced on Wednesday morning, with a statement confirming the parties had "jointly decided to part ways."

"During the years I spent at Ferrari, at two different stages and covering different roles, I could get to know and appreciate the value of the team and of the people, women and men, which are part of it," he said.

"I want to thank them all for the great professional and human experience we shared. I wish everybody a happy future with lots of success."

Binotto, who will now occupy the position of Chief Technical Officer, has fronted Ferrari's power unit department since mid-2014.

Ferrari has yet to take a victory this season and sits second in the Constructors' Championship, only a point clear of rivals Red Bull.

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