Acting Ferrari CEO, John Elkann admits that the Maranello outfit's history counts for nothing, and that a reset is needed in order to take the team forward.

The statistics don't begin to tell the sorry tale of Ferrari's 2020 season. In a year the Italian team celebrated the historic milestone of having contested 1000 rounds of the Formula One World Championship, it was hard-pressed to finish sixth in the standings, and while the Maranello outfit had to settle for three podiums, relative newcomer, AlphaTauri scored a win... at Monza.

Speaking to investors, Executive Chairman and Acting CEO, John Elkann admitted that in the wake of recording its worst championship result in thirty years, the team cannot continue to rest on its past glories.

"We celebrated our 1,000th grand prix, the highest number in Formula 1 ever reached, had victories in the GT racing season and we reached over 2.5 million visitors in our eSports series," said Elkann.

"But our 2020 Formula 1 results reminded us that a great past doesn't equate to a great present or future," he added.

"This painful reality, both for ourselves and our fans, is that we must restart with humility," he admitted, "focusing on what will make us competitive and ultimately lead to winning."

Referring to the shock resignation of CEO, Louis Camilleri in December, a move which has surely added to the team's problems, he said: "We want to take the necessary time to find the best possible CEO for our company.

"On this note I would like to express my most sincere thank you to Louis, for his personal commitment as our CEO since 2018, and as a member of our board since 2015."

Elkann was appointed Ferrari chairman in mid-2018 following the death of Sergio Marchionne.