{"id":215299,"date":"2021-12-20T13:07:09","date_gmt":"2021-12-20T18:07:09","guid":{"rendered":"https:\/\/www.thedetroitbureau.com\/?p=215299"},"modified":"2021-12-20T13:07:17","modified_gmt":"2021-12-20T18:07:17","slug":"ferrari-shakes-up-top-management","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2021\/12\/ferrari-shakes-up-top-management\/","title":{"rendered":"Ferrari Shakes Up Top Management"},"content":{"rendered":"\n

Ferarri announced a shake-up in its senior management structure Monday, saying three of the company’s top executives \u2014 Nicola Boari, Chief Brand Diversification Officer, Michael Leiters, Chief Technology Officer, and Vincenzo Regazzoni, Chief Manufacturing Officer \u2014 will be leaving the company Jan. 10, 2022.<\/p>\n\n\n\n

\"Ferrari
Benedetto Vigna took over as Ferrari CEO Sept. 1 after a lengthy search.<\/figcaption><\/figure><\/div>\n\n\n\n

The company didn\u2019t elaborate on the reason \u2014 or reasons \u2014 for the changes, other than to say the moves \u201cwill further foster innovation, optimize processes and increase collaboration both internally and with partners.\u201d <\/p>\n\n\n\n

No replacements were named for the now-open spots, but the company said it will promote from within as well as seek to bring in new blood next month.<\/p>\n\n\n\n

Moves come as a surprise<\/h2>\n\n\n\n

\u201cMy heartfelt thanks go to Michael, Nicola and Vincenzo for their valuable contributions over the years to the leadership and growth of Ferrari,\u201d said Ferrari CEO Benedetto Vigna in a statement. \u201cThanks also to their efforts we are ready to seize the many, new opportunities in front of us.\u201d<\/p>\n\n\n\n

Leiters joined Ferrari in 2014, and was involved with developing the 2019 SF90 Stradale and 2021 296 GTB, as well as the brand’s upcoming hybrid models, while Boari pushed Ferrari into its first in-house fashion collection in June. <\/p>\n\n\n\n

It’s unclear if Vigna, who is a relative newcomer to not just the company of the automotive industry, played any role in the changes.<\/p>\n\n\n\n

\u201cIt doesn\u2019t make sense to clean house at such a high level just because a new CEO came in,\u201d said Sam Fiorani, vice president of Global Vehicle Forecasting at\u00a0AutoForecast Solutions LLC<\/a><\/strong>. \u201cIt\u2019s a possibility that there was a conflict between what they wanted to do and what the new CEO wanted to do.\u201d<\/p>\n\n\n\n

\"\"
Former Ferrari CEO Louis Camilleri, who left the automaker after a bout of COVID-19.<\/figcaption><\/figure><\/div>\n\n\n\n

Vigna is a fresh face at Ferrari<\/h2>\n\n\n\n

Vigna joined Ferrari<\/a><\/strong>\u00a0as CEO in September, after a career in the semiconductor industry,\u00a0reflecting the increasing importance of digital technology in automaking. He moved to Ferrari from chipmaker STMicrolectronics, replacing Ferrari\u2019s Chairman John Elkann, who served as acting CEO after Louis Camilleri\u2019s sudden departure.\u00a0<\/p>\n\n\n\n

Camilleri retired unexpectedly<\/a><\/strong>\u00a0after being hospitalized for COVID-19 in December 2020. Despite being 65, he wasn\u2019t expected to leave the job anytime soon. Initial reports from Italy pointed to the illness for his decision to leave, but a Reuters report at the time stated Camilleri left for personal reasons. <\/p>\n\n\n\n

In addition, he also resigned as the non-employee chairman of Philip Morris International, where he had previously served as chairman and CEO. Camilleri came to Ferrari in July 2018 following the unexpected death of Sergio Marchionne, the automaker\u2019s previous chief executive.<\/p>\n\n\n\n

\"\"
The new SF90 Stradale can travel 84 miles in electric-only mode.<\/figcaption><\/figure><\/div>\n\n\n\n

Ferrari\u2019s evolving model line-up amidst strong sales<\/h2>\n\n\n\n

The turnover at the top of Ferrari comes at a time of sweeping change in the automotive industry, as well as at Ferrari. The Maranello-based automaker is readying its first sport-utility vehicle, the Purosangue \u2014 or \u201cthoroughbred\u201d \u2014 as well as its first plug-in hybrid, the SF90 Stradale.<\/p>\n\n\n\n

Markets didn\u2019t react kindly to the news. As of late morning, Ferrari NV’s share price declined 1.74% to $248.54. Company shares hit a year-to-date high in November, closing at $275.40. Share prices rose on news of Ferrari\u2019s third quarter results, which showed shipments rose 18.9% compared to the same period last year.\u00a0Revenue also rose 18.6% versus prior year to 1.05 billion Euros, with an EBITDA margin of 35.2 percent.<\/p>\n\n\n\n

Ferrari\u2019s future electrification plans may be driving sales, as consumers seek to obtain the final pure ICE models.<\/p>\n","protected":false},"excerpt":{"rendered":"

TheDetroitBureau.com looks at Ferrari as the automaker announces changes at the top of the company.<\/p>\n","protected":false},"author":13752,"featured_media":99969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[7,5,1908,1164],"tags":[4072,4073,3995,4070,4071],"make":[53],"post-state":[],"category_old":[],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/215299"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/13752"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=215299"}],"version-history":[{"count":16,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/215299\/revisions"}],"predecessor-version":[{"id":215316,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/215299\/revisions\/215316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/99969"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=215299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=215299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=215299"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=215299"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=215299"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=215299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}