Joseph Pudlewski
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End of an Era: Ferrari CEO to Retire

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Sergio Marchionne, CEO of Fiat Chrysler, right, and Amedeo Felisa, CEO of Ferrari, left

Sergio Marchionne, right, and Amedeo Felisa, left, chat at the 86th International Motor Show at Geneva in March 2016.
Photo: Sandro Campardo, Associated Press

Amedeo Felisa, 69, took the wheel of Ferrari back in 2014 and now, just two years later, he’s decided to retire. Shareholders don’t meet until this Friday, but word has it that following the nomination of a new board of directors, Felisa will step down from his position as Chief Executive Officer. He won’t be gone from the supercar manufacturer, though. He plans to remain a board member as well as take on another unspecified role.

Before joining Ferrari, Felisa ran product development at Alfa Romeo. As an aid to Montezemolo, former CEO of Fiat Chrysler, for more than 20 years, this could very well be the beginning of a new era for Ferrari. Word has it veteran Mario Mairano, head of human resources, is planning to retire as well.

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Felisa’s most likely successor is Fiat Chrysler CEO Sergio Marchionne, the chairman of Ferrari. That decision has yet to be finalized so it’s entirely possible those plans could change. As the man behind Ferrari’s spinoff from Fiat Chrysler in 2014, Marchionne, 63, is well placed to strengthen the brand’s potential with shareholders.

Ferrari’s shares have lost nearly one-third of their initial value since their debut on the New York Stock Exchange last October. One of the challenges facing Marchionne will be to develop a plan for Ferrari to expand its luxury appeal beyond cars.

Ferrari stock value falls significantly

Ferrari’s stock has lost a third of its value since October 2015.
Source: Bloomberg

While it may be surprising Marchionne holds high positions at both Ferrari and Fiat Chrysler, it isn’t uncommon. Carlos Ghosn is the CEO of both Renault and Nissan. Those aren’t the only two positions Marchionne holds, though.

In all, Marchionne is chairman of CNH Industrial NV, a truck and tractor manufacturer that broke off from Fiat in 2011; vice chairman of investment vehicle Exor SpA; chairman of SGS SA, a product-testing company located in Switzerland; and an independent director of Philip Morris International Inc., a cigarette maker.

News Source: The Detroit News, Bloomberg