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Report: Ferrari may appoint Sergio Marchionne as CEO

Report: Ferrari may appoint Sergio Marchionne as CEO image

Text: Marcus De Guzman / Photos: FCA | posted August 28, 2015 18:14

FCA boss Sergio Marchionne may soon take command of Ferrari

The 'prancing horse' brand may face a sudden change yet again as the company is considering to appoint Fiat Chrysler Automobiles (FCA) boss and Ferrari Chairman Sergio Marchionne as CEO.

According to Automotive News Europe, sources close to the matter said that current CEO Amedeo Felisa will retire next month and since Ferrari will soon be spun off as a separate entity, it appears that electing Marchionne will be the best course of action for the brand.

Currently the company is busy looking for a potential replacement for Felisa who was given the role of CEO in 2008. Felisa will apparently still be a part of the company but will only take on an advisory role. Felisa is considered to be one of Montezemolo's closest aides for more than 20 years in the company.

Sergio Marchionne of FCA

By October, FCA will sell a 10% shareholding of Ferrari in a public offering as a way to raise cash. The remaining 80% will be distributed to shareholders starting in 2016, which will mark Ferrari's independence from FCA. Marchionne stated that the business is worth more than EUR 10 billion which is more than half of FCA's value.

Marchionne wants to make the Ferrari brand into a more luxurious car maker which contradicted with the business strategy of former Ferrari Chairman Luca di Montezemolo. Ultimately, di Montezemolo resigned from his post and stated that the company is 'at an end of an era'.

Apart from the planned separation of Ferrari from FCA, Marchionne will also transfer Ferrari's stock to New York as FCA's stock are listed in London.

Source: Automotive News Europe