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Posts Tagged ‘Luca di Montezemolo’

Marchionne Adds Ferrari CEO to His Resume

26-year veteran Amedeo Felisa retires.

by on May.02, 2016

Sergio Marchionne (l); Amedeo Felisa (cl), and FCA Chairman John Elkann (r) mark Ferrari's IPO.

As if he doesn’t have enough to keep himself busy, Sergio Marchionne is adding another title to his CV. With the unexpected retirement of Amedeo Felisa, Marchionne will now become chief executive officer at Ferrari.

The Canadian-raised executive also serves as chairman of the sports car company – as well as CEP of Fiat Chrysler Automobiles NV, which spun Ferrari off this past year. Marchionne also runs the North American region for FCA and serves as chairman of CNH Industrial, the heavy duty unit that was created by the merger of Fiat Industry and Case New Holland.

Step on the Gas!

The latest role comes just after Ferrari posted its best earnings ever. But the supercar maker is also has to deal with a variety of challenges, from its aggressive growth target to its ongoing struggles on the Formula One circuit it long dominated.

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Ferrari Ready to Launch IPO

Going public could force big changes on low-volume brand.

by on Sep.30, 2015

FCA CEO Sergio Marchionne and former Ferrari CEO Luca di Montezemolo both celebrated the launch of the $1 million Ferrari Enzo ultra-car.

Fiat Chrysler Automobiles could launch the eagerly awaited initial public offering of its Ferrari brand as early as Friday, according to various industry reports.

The move could generate as much as $1 billion in much-needed revenue for FCA, but it also raises some serious questions about the future of the ultra-exclusive Ferrari. A debate over how much to grow the brand last year resulted in the ouster of long-time CEO Luca di Montezemolo, who favored a go-slow approach.

Take Stock!

FCA CEO Sergio Marchionne has wanted to take more advantage of Ferrari’s image in the global luxury market, however, and is expected not only to push for faster growth of the brand’s luxury cars, but also to license its prancing pony logo for a broader range of upscale goods.

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Automotive Hall of Fame Set to Induct Four “Who Moved the World Forward”

List includes Penske, Tata and Montezemolo.

by on May.07, 2015

Racing team owner and business man Roger Penske is part of the next induction class for the Automotive Hall of Fame.

Among the countless men and women who have worked in the auto industry since its earliest days, only the rare few have left a truly lasting legacy on the world, and four of them will find a lasting legacy as they’re inducted into the Automotive Hall of Fame two months from now.

The four are a diverse group of modern-day legends, such as Roger Penske, Luca di Montezemolo and Ratan Tata, as well as industry pioneer Elwood Haynes – all chosen, the AHF said, because they “moved the world forward through their contributions to the global auto industry.”

Stay on Top of the News!

“Each made their unique vision a reality through tenacity and creativity,” said William R. Chapin, president of the Automotive Hall of Fame. It is the story of the automotive industry from the beginning and the Automotive Hall of Fame is proud to share that story.” (more…)

FCA Set to Spin Off Ferrari

Investors applaud, but questions and challenges loom.

by on Oct.29, 2014

The 458 Speciale A made its debut at the Paris Motor Show earlier this month.

Only months after Fiat Chrysler CEO Sergio Marchionne ruled out the possibility of spinning off the maker’s high-profile Ferrari brand, that’s precisely what the maker now says it will do – a move that has fired up investors while raising questions about the long-term strategy for the supercar maker.

In an announcement accompany Fiat Chrysler Automobile’s third-quarter earnings report, the maker said it will sell 10% of Ferrari’s shares while the remaining 90% will go the only recently merged FCA’s own shareholders.

Stay in the Loop!

The move comes at a significant moment for Ferrari which just last month revealed that long-time chief executive Luca di Montezemolo would step down, apparently as a result of a dispute with Marchionne over the sports carmaker’s direction. It didn’t help that Ferrari also had one of its worst years on the trying Formula One race circuit in decades.

What happens now is something that both loyal “Ferraristas” and investors alike will be watching closely.

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Marchionne Plans to Increase Ferrari Output

After di Montezemolo ousted, restricted production plans changed.

by on Sep.15, 2014

New Ferrari Chairman Sergio Marchionne, sitting on the hood of a new LaFerrari, plans to increase the number of Ferrari's built annually by 45%.

Just a few short days after a shake up at the top of Ferrari that saw Luca di Montezemolo’s departure, it appears change will not be limited to personnel but also will include strategy.

Reports suggest that new chairman Sergio Marchionne plans to reverse course on the company’s previous course of restricting production levels of Ferraris to inflate their value and see that jump hit the Italian maker’s bottom line.

Your Automotive Source!

Multiple media reports suggest that Marchionne plans to increase the company’s production levels by nearly 45%: from 7,000 vehicles to 10,000. In the past, di Montezemolo kept production low because he feared oversaturating the market. (more…)

Montezemolo Leaving Ferrari – and a Legacy –Behind

Falls victim to faltering race program.

by on Sep.10, 2014

Luca di Montezemolo at the Frankfurt Motor Show.

There aren’t many executives who would tell potential customers to go away. But that’s precisely what Luca di Montezemelo did – on several occasions – when he declared that the company he ran had no intention of increasing production despite the long line of monied fans waiting to buy a Ferrari.

Just weeks after turning 67, the aristocratic executive has handed in his resignation. But as he leaves Ferrari, Montezemolo also leaves behind an impressive legacy that could prove a daunting challenge to his successor.

A Legend!

He leaves the company after 23 years at the helm, and just as Ferrari gets ready to celebrate its 60th anniversary in the U.S. market, it’s largest. The company continues to turn in impressive financial results, but it isn’t without its problems, having posted some unexpectedly disappointing results in this year’s Formula One series – something Montezemolo himself recently described as “unacceptable.”

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Q&A: With the Chairman of Ferrari and Fiat

Luca di Montezemolo on F1, hybrids and the future.

by on Oct.06, 2009

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"I want to win with my gearbox, my engine... they want to equalize F1, I don’t want to!"

The name Ferrari, its prancing horse logo and of course those special red vehicles are world famous icons of speed and style. But, Luca Cordero di Montezemolo, the long time chairman of Ferrari, SpA and of Fiat, SpA, has a relatively low business news profile outside the automobile industry.

His name is more familiar on the world’s sports pages with the Formula 1 racing news than on American business pages, which is a slight to this communicative, charismatic and competitive executive.

A 62-year-old Italian with an aristocratic heritage and wide-ranging interests, he is an experienced race driver, earned a law degree from the Sapienza-Universitá in 1971, studied for an MBA at the Columbia and worked in a Wall Street prior to establishing himself one of the leading international business executives.

Montezemolo’s business achievements began after he returned to Italy from the United States as special assistant to Enzio Ferrari where he became the race team manager. He then joined Fiat in a variety of positions including being responsible for international public affairs, then moved to CEO of Cinzano (the aperitif maker, and a Fiat company) and was chairman of the organization of the Italian World Cup Soccer of FIFA.

In 1990, he returned to Ferrari as chairman and CEO charged with making the company financially successful and the F1 team a winner. In short order Montezemolo accomplished both and subsequently added CEO of Maserati to his resume.

The 62-year-old CEO has rock star status among Ferrari fans who were lined up at least four deep whenever I passed the Ferrari stand during the recently concluded Frankfurt Motor Show and it was not just for the beautiful models the brand uses to add significant interest to its vehicles. His first car, he told me was a Fiat Cinquecento (500), the second a Lancia. His vehicles now include a Fiat Panda, Fiat 500 and not surprisingly a Ferrari California.

I had the rare opportunity of interviewing and chatting with the stylish executive in a small conference room at the Ferrari stand. Here are the highlights of our conversation.

Q: Given the state of the automobile business worldwide, how was Ferrari’s business in the first six months of the year?

LdiM:  We are slightly down – 8% — from last year, but that was the best six months in the history of Ferrari, and last year was a record year for Ferrari. In the first half of 2009, we sold 3,221 Ferrari’s around the world with a value of €891 million and profits of €124 million. Our merchandising and licensing revenues were up 27% in the first half and our market share went from 22% to 53%.

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