Sergio Marchionne Is Announced As Ferrari's New CEO

Ferrari announced today that the current CEO Amedeo Felisa will step down and Sergio Marchionne will become the new CEO. The changes are effective immediately. The change didn't come as a surprise to most people. Sources tell Reuters that Marchionne being named CEO doesn't change much as he has been in charge since former Chairman Luca Di Montezemolo quit in September 2014.

Felisa has been with Ferrari for 26 years holding various roles including overseeing product development and the general manager of the brand. He was named CEO in 2008. Felisa will still be part of Ferrari's board of directors.

It is unknown what this change will bring to the Italian sports car maker. But considering some of Marchionne's previous comments, it wouldn't be surprising if production is slightly increased and an entry-level sports car comes out.

Source: Associated Press, Reuters, Ferrari

Press Release is on Page 2

Ferrari Announces CEO Succession

Maranello (Italy), 2 May 2016 – Ferrari N.V. (“Ferrari” or “Company”) (NYSE/MTA: RACE) announces the retirement of its Chief Executive Officer, Mr. Amedeo Felisa, after 26 years of dedicated service. Mr. Sergio Marchionne will assume those responsibilities while retaining his current role as Chairman of the Company. Mr. Felisa will continue to serve on the Board of Directors of Ferrari with a specific mandate as technical advisor to the Company.

Sergio Marchionne had this to say: “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. He is beyond any doubt one of the best automotive engineers in the world. During the last 26 years, he has worked tirelessly to fuel and guide Ferrari’s technical development, producing an array of cars which have set the standard for both performance and styling.”

The Board of Directors wants to officially express its gratitude to Amedeo for his contributions and is delighted to be able to count on his services as technical advisor to the leadership team going forward.

These executive changes are effective immediately.