Ferrari may be an independent company these days but at it’s heart it will always be a Fiat owned entity. The Chrysler part? its a means to an end. This is all the more evident in Sergio Marchionne’s decision to appoint himself as Ferrari’s new Chairman after Amedeo Felisa retired as the current CEO.
By Chris Ward, May 3, 2016
Marchionne passed the interview stages successfully. Actually there were no interviews because as soon as soon as the news of Felisa’s retirement was made Marchionne was appointed as Ferrari CEO “with immediate effect” on Monday.
Felisa’s retirement has been expected form some months now, the 69 year old was appointed Ferrari CEO in 2008 having joined the Italian supercar brand in 1990.
Marchionne want’s to expand Ferrari’s business enterprise into the luxury goods market in an attempt to increase revenues.
Marchionne will also retain his Chairmanship role at Ferrari while Felisa will remain on the board of directors as a technical advisor.
Revenues are something Ferrari seems to be able to sustain, today Ferrari announced that annual net profits rose by 19 percent during the first quarter of 2016.
Since becoming independent Ferrari also reported rampant demand as first quarter deliveries rose by 15 percent to 1,882 cars over 2015 with a 24 percent gain in Europe.
It is difficult to say if Ferrari is truly an independent company, it is and it isn’t. Ferrari was most probably spun off as an independent company to bypass Italian tax laws.
For Sergio Marchionne appears to be about total control to maximise profits. Don’t be too surprised to see a Ferrari suit shop on Savile Row one day in the future.