Sergio Marchionne, CEO of Fiat Chrysler Automobiles LLC, has assumed a new role at Ferrari. The famed Italian supercar company has named Marchionne as its new CEO while retaining his current role as Chairman of the Board. Marchionne now leads two major brands and replaces Amedeo Felisa after serving as the company's CEO for 26 years.

"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," said Marchionne.

The new roles are effective immediately and Marchionne has confirmed plans for a new Ferrari model. He has officially announced that the LaFerrari hypercar will soon gain a Spider version, Ferrari's term for convertible models.