Ferrari chairman Luca Di Montezemolo will step down next month and Fiat chief executive Sergio Marchionne is set to take on the role.
Di Montezemolo, who has seen Ferrari drivers win the Formula One title six times during his 23-year spell at the helm of the Italian manufacturer, will leave his post on October 13.
Fiat, which is Ferrari's parent company, announced his departure in a statement on Wednesday.
The statement said: "Luca Cordero di Montezemolo has announced his intention to resign as chairman of Ferrari with effect from October 13th following completion of Ferrari's celebration of 60 years in America. Fiat CEO, Sergio Marchionne, will take over as chairman of Ferrari."
While Di Montezemolo has revitalised Ferrari as a car company, with the prestige manufacturer poised to announce record results soon, on the race track the Maranello marque has floundered recently.
The 67-year-old, who has held key positions at both Ferrari and Fiat, was praised for the impact he has made.
"On behalf of my family and myself, I would like to thank Luca for all he has done for both Fiat and Ferrari", said Fiat chairman John Elkann.
"Luca leaves us with my most sincere and heartfelt wishes for his future professional endeavours and the hope, I am certain shared by us both, that Ferrari will return to victory very soon."
Marchionne said: "Luca and I have discussed the future of Ferrari at length. And our mutual desire to see Ferrari achieve its true potential on the track has led to misunderstandings which became clearly visible over the last weekend.
"I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally."