FCA Boss Sergio Marchionne Becomes Ferrari’s New CEO

After an interesting turn of events, the Italian car builder split from Fiat at the beginning of the year, but it looks like it won’t lose any grips with the Turin-based company – which was totally expected.

Ferrari’s new board of directors met for the first time to discuss first-quarter result and named Sergio Marchionne as CEO, replacing Amedeo Felisa in the process, after the latter’s departure from the company was expected for months.

Felisa, who became CEO in 2008, is retiring after 26 years at Ferrari, although he will retain a Ferrari board seat – with a specific mandate – as a technical advisor. Thereby, Ferrari says Marchionne will assume all responsibilities, expanding the car maker’s business, while retaining his current role as chairman of the company and CEO at FCA.

Marchionne said he will apply the Ferrari brand more broadly to luxury goods after the spinoff from Fiat, most of which will be non-automotive products in an ambition to boost profit and compete with brands like Hermes. So, maybe no more Ferrari mugs?

According to Bloomberg, Marchionne’s latest position adds to a comprehensive number of executive and board posts held by the Italian, including his vice-chairman position at Exor SpA (the investment vehicle of Italy’s Agnelli family), chairman of truck and tractor manufacturer CNH Industrial NV, and chairman of product-testing company SGS SA.

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