Ferrari Gets New Chairman After Marchionne Quits
Sadly, Ferrari boss Sergio Marchionne has had to step down as head of Ferrari after unexpected complications following a recent surgery have left him unable to return to work. Sergio was the boss of Fiat Chrysler for slightly over ten years as well as Chairman over at Ferrari for the past four years, where he is believed to have a major impact on the Formula One team. He had already announced his plan to retire sometime next year, but this new announcement comes as a little bit of an unfortunate surprise.
The succession at Fiat Chrysler therefore was very much planned as Marchionne had already picked his successor, a Briton by the name of Mike Manly, who was due to commence in the role late this year. It would appear that the board of Fiat Chrysler feels that the role of Ferrari boss as well may be too much for Mike, and therefore decided to bolster the top team over at the prancing horse.
On Sunday, the Ferrari board held an emergency meeting and appointed the appointment of Fiat’s John Elkann to succeed him as Chairman, but also appointing Louis Camilleri, who previously sat on the Ferrari board, as the new Chief Executive. Elkann is no lightweight in the automotive world. He is, in fact, the controlling shareholder in the Fiat Chrysler Automotive empire and, along with his brother Lapo Elkann, was on the board of Ferrari and the leader of the Agnelli “clan”, who is the family that basically created Fiat.
Apart from being the champion of the F1 team, Marchionne also was responsible for a significant increase in the production volume over at Ferrari, increasing the output from 7,000 to 10,000 cars per year. The new CEO, Camilleri, was previously in charge of Kraft Foods between 2002 to 2007, and then Chairman over at Philipp Morris until 2013. So, it is probably safe to say he will be pushing for even increased volume for Ferrari in the future and perhaps even making one a little more affordable……please.