Benedetto Vigna’s appointment fills a six-month emptiness on the helm of the posh carmaker after former Chief Executive Louis Camilleri retired in December.
Ferrari has turned to expertise business chief Benedetto Vigna to navigate the posh sports activities automotive maker identified for its roaring, high-octane engines by way of a brand new period of silent, electrical energy trains.
Vigna, a 52-year-old Italian nationwide, at present runs the most important division of chip maker ST Microelectronics (ST),the place he has labored since 1995 and helped pioneer display screen expertise utilized in early Apple iPhones.
His appointment fills a six-month emptiness on the helm of the posh carmaker after former Chief Executive Louis Camilleri retired almost two and a half years into the job in December citing private causes.
Chairman John Elkann, the scion of Agnelli household which controls Ferrari by way of its funding agency Exor,stated in a press release that the corporate was delighted to welcome a expertise business chief aboard.
“His deep understanding of the technologies driving much of the change in our industry, and his proven innovation,business-building and leadership skills, will further strengthen Ferrari and its unique story of passion and performance,” he stated.
Ferrari, which already offers hybrid fashions, has promised to ship its first electrical automotive by 2025.
Pietro Solidro, an analyst at Bestinver stated Vigna’s appointment ought to cut back market considerations about Ferrari’s future and its path in direction of its first electrical car.
“We believe that he will be able to further accelerate Ferrari’s ability to remain ahead of the curve in next-gen technologies compared to the automotive sector,” Solidoro stated.
By 0845 GMT Ferrari shares have been down 0.3% in contrast with a 0.1% drop within the Italian bourse blue-chip index.
Elkann has led the corporate on an interim foundation since Camilleri stepped down.
In April, Elkann stated Ferrari’s new CEO ought to have “all the right qualities, including importantly the technological capabilities”, enjoying down preliminary hypothesis that the brand new boss may have a background in luxurious items or retail.
Vigna is at present president of ST’s Analog, Micro-electromechanical Systems and Sensors group, its largest and most profitable working enterprise in 2020. He will depart on August 31, the chipmaker stated in a press release.
He will begin at Ferrari the subsequent day.
Despite not too long ago pushing again its 2022 monetary targets by a yr as a result of coronavirus pandemic, Ferrari booked a profit final yr and has not delayed its roll-out plan for brand spanking new fashions.
Vigna, nonetheless, faces a number of challenges on prime of main the automaker into an period of electrical mobility.
He should revive Ferrari’s fortunes in Formula One after its worst racing season in 40 years in 2020.
He may even should handle the corporate’s new model extension technique with out undermining the exclusivity that has supported its premium pricing and profit.