Ferrari To Appoint Marchionne As New CEO

Posted: Aug 28 2015, 10:17am CDT | by , in News | Cars & Vehicles

Ferrari to Appoint Marchionne as New CEO
Credit: Getty Images

Reports suggest Sergio Marchionne to be appointed as the CEO of Ferrari.

Ferrari is considering to appoint Sergio Marchionne as CEO of the company. He could become new CEO after Amedeo Felisa retires. An insider familiar with the matter told Automotive News Europe about this.

Marchionne is currently the chairman of Ferrari. And he is also CEO of Ferrari owner Fiat Chrysler Automobiles. He may take full responsibility at the division before it’s spun off in early 2016. This will add the job to his current list of positions.

Felisa, 68, who is an engineer, has been a part of Ferrari since 1990. He was named CEO in 2008 and is assumed that he may keep an advisory role at the automaker. Discussions about his replacement are under way and no final decision has been made.

Fiat Chrysler is currently selling a 10 percent holding in Ferrari. This is via an initial public offering targeted for October as part of a plan to raise cash.

The remaining 80 percent of its stake in Ferrari will be distributed. Fiat Chrysler will distribute these to shareholders at the beginning of the year. It will make the supercar maker independent.

According to Marchionne, the business is worth more than 10 billion euros. It is more than half of Fiat Chrysler’s market value. Marchionne has his own plans. He wants to develop the supercar maker into a full-fledged luxury brand like Prada or Hermes International.

When Marchionne had taken over he had reshuffled the management of Ferrari’s Formula 1 car racing team. And hired Sebastian Vettel to replace Fernando Alonso as the top driver.

Felisa who will turn 69 in October had been planning his retirement for months. Ferrari also stated that Felisa brings over 40 years of automotive technical experience. And also skill to his leadership role which makes him one of the best chairman at the company.

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