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SM now CEO of Ferrari

by David Zatz on

As expected, Sergio Marchionne has taken over as the CEO of Ferrari, according to Blooomberg News. Mr. Marchionne, 63, replaced Amedeo Felisa, who retired at the age of 69.

Ferrari raised its 2016 profit targets an 11% gain in EBITD in the first quarter, but its stock continues to lag, at $44.45 per share (down from the $52 IPO price).

Ferrari-Vettel-Victory-Malaysia-Web

While Ferrari was spun off from Fiat Chrysler Automobiles, Exor controls both FCA, Ferrari, and CNH (Case New Holland). Mr. Marchionne is now CEO of FCA and Ferrari as well as chairman of the board of CNH and product testing specialist SGS; and chairman of Ferrari, replacing Luca Cordero di Montezemolo some time ago. Mr. Felisa was, according to Bloomberg, CEO of Ferrari since 2008, and close to Mr. Montezemolo.

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