Ferrari appointed Chairman Sergio Marchionne will reportedly replace Amedeo Felisa as CEO. Felisa’s departure was expected as the 69-year-old executive was ready to retire. Felisa joined Ferrari in 1990 and became its CEO in 2008.
Marchionne, 63, will assume the CEO responsibilities at Ferrari while retaining his current role as chairman. Felisa will continue to serve on the board of directors as technical advisor to the company.
Marchionne is also CEO of Fiat Chrysler Automobiles. With the addition of the Ferrari CEO job, Marchionne will take full responsibility for expanding the luxury sports-car maker following its January spinoff from Fiat Chrysler.
Marchionne has said he will apply the Ferrari brand more broadly to luxury goods other than autos in an attempt to boost profit. Ferrari’s expansion into non-automotive products was a cornerstone of Marchionne’s sales pitch to investors.
Automotive News Europe contributed to this report