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Luca Cordero di Montezemolo, who joined Ferrari in the 1970s, had refused to quit the company three days ago.
US automaker forecasts $2bn loss in European market as prolonged recession hits sales.
Italian firm bids for GM Europe merger, with aims to create second biggest car maker.
Italian car firm outlines plans to create world's second-biggest car manufacturer.
Fiat offers its latest technology in return for 20 per cent of the US company.
Automaker lays off 48,000 in Italy for a month as demand for cars falls.
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Muslim volunteers face questioning and threat of arrest, while aid has been disrupted or blocked, charities say.
Six months on, outrage and sorrow over the mass schoolgirl abduction has disappeared - except for families in Nigeria.
ISIL combatants seeking an 'exit strategy' from Mideast conflict need positive reinforcement back home, analysts say.
European nation hit by a wave of Islamophobia as many young fighters join ISIL in Syria and Iraq.
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