Fiat Chrysler CEO named as new chief of Ferrari
Sergio Marchionne replaces Amedeo Felisa effective immediately
Sergio Marchionne assured Wall Street on Monday that Ferrari will continue to pursue the same strategic growth plan he outlined last year as chairman now that he also is taking over as CEO of the exotic Italian automaker.
Over the past two years, Marchionne has overseen the evolution of Ferrari from a niche brand that was part of Fiat Chrysler Automobiles into an independent company under the belief that the company’s value and profits can expand exponentially now that it stands on its own.
Marchionne was named CEO of Ferrari on Monday as the automaker announced its most profitable quarter ever and reported a 15% increase in sales.
“I was the one that pitched the Ferrari case on the road. It’s not going to be a different case than the one that I presented to the capital markets at the end of last year,” Marchionne said. “We are beginning, just now, to define the true potential on the passenger car side of what this house can actually deliver.”
Ferrari’s first-quarter net profit increased 19% to 78 million euros ($89.5 million). That compares with 65 million euros in the same period last year.
Marchionne said the improvement was due both to a reduction in costs and an increase in sales. Ferrari sold 1,882 cars during the first quarter, a 15% increase over the same period last year.
“We have, as expected, delivered an incredibly strong quarter,” Marchionne said.
Marchionne’s appointment as CEO is effective immediately. It is not expected to affect Marchionne’s other corporate responsibilities, which include his role as CEO of Fiat Chrysler Automobiles, a global automaker, and chairman of CNH Industrial, a global manufacturer of agricultural equipment.
At Ferrari, he replaced Amedeo Felisa, who has been with Ferrari for 26 years. Felisa will continue to serve on Ferrari’s board of directors with what the automaker described as a “mandate” to act as technical adviser to the company.
“I have known Amedeo for more than a decade, and I have had the opportunity to work with him closely for the last two years,” Marchionne said in a statement. “He is beyond any doubt one of the best automotive engineers in the world.”