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Wednesday 7 December 2016
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Marchionne Adds More To Plate, Named New Ferrari CEO

Marchionne Adds More To Plate, Named New Ferrari CEO

As if Fiat Chrysler CEO Sergio Marchionne didn’t have enough on his plate, he is adding to it.

Marchionne is now officially CEO of Ferrari, in addition to CEO of Fiat Chrysler and an unusually high number of other posts he holds.

At FCA, he’s been busy enough as it is, trying to talk another automaker into a merger. He’s also had to deal with quality control issues and last year’s record fine after the NHTSA found FCA hadn’t reported or handled numerous recalls correctly.

Now though he’ll work in building Ferrari as a complete luxury brand to his already full schedule.

Ferrari named  Marchionne as retiring CEO Amedeo Felisa’s replacement Monday. Felisa, who has been CEO since 2008, will still serve on the Ferrari board as technical advisor.  Marchionne, who is 63, will keep his current role as Ferrari chairman.

As Ferrari CEO, Marchionne will now be the guy in charge of expanding the luxury sports car maker following its January spinoff from FCA, which he orchestrated. He announced the spinoff a few weeks after he took over as chairman in 2014.

Marchionne has big dreams for Ferrari and wants to grow the brand beyond cars and Formula 1 racing into all kinds of luxury goods. Ferrari already has retail stores.

It’s also in the theme park business now. It has one in Abu Dhabi with three more in the works, one of those will likely be in the US. It’s now developing a park, Ferrari Land, in Spain. Another is planned for mainland China.

ferrari land marchionne

So all of this is bound to keep Marchionne pretty busy on top of his other commitments including a position at a cigarette company.

As Bloomberg notes, Marchionne holds an “unusual number of executive or board posts”.  He is also vice chairman of Exor SpA, the investment vehicle of Italy’s Agnelli family that controls the carmakers and chairman of truck and tractor manufacturer CNH Industrial NV and product-testing company SGS SA. He is also on the board of directors at cigarette producer Philip Morris International Inc.

Monday, according to Bloomberg, Ferrari also raised in 2016 sales forecasts.  Sports car sales in the first quarter are up 11 percent.

Automotive News and Bloomberg contributed to this report.

Photo Credit: FCA