Fiat Chrysler Automobiles has just announced its plan to spin off Ferrari. The move will put 10 percent of Ferrari on the U.S. and European stock exchanges next year, with the remainder going to current Fiat Chrysler stockholders.

In a press release, Fiat Chrysler's board of directors cite the move as part of "a capital plan appropriate to support the Group's long-term success." In the same statement, Fiat Chrysler CEO Sergio Marchionne said, "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."

Chris Cantle

Fiat, which acquired Chrysler earlier this year, has owned Ferrari since 1969.

Since 1991, Ferrari was led by now-former CEO Luca Cordero di Montezemolo, who left in a huff due to disagreement with Fiat Chrysler's Marchionne over Ferrari's future. On his way out, Montezemolo volleyed criticism at the notion of expanding Ferrari's production base, calling it "the end of an era," and telling Bloomberg that "Ferrari is now American." Montezemolo's resignation left Marchionne as Ferrari's CEO.

READ MORE: Ferrari CEO rage quits, calls the brand 'American'

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