Ferrari considers appointing Marchionne as CEO, report says
MILANO (Bloomberg) -- Ferrari is contemplating making Sergio Marchionne as Chief Executive Officer after Amedeo Felisa retires in the place in the forthcoming months, individuals knowledgeable about the issue said.
Marchionne, who's already chairman of Ferrari and Chief Executive of Ferrari owner Fiat-Chrysler Cars, usually takes complete duty in the office before it is spun-off in early 2016, including the work to his set of postures, said the individuals, who requested to not be identified discussing personal conversations before an official statement.
Felisa, 6-8, is an engineer that continues to be at Ferrari since 1990. He was named Chief Executive Officer in 2008 and might keep an advisory function in the auto-maker, said the individuals. Discourses about Felisa's substitute are underway, with no final judgment was made, the folks said. Ferrari declined to remark.
Fiat Chrysler is attempting to sell a-10 percent holding in Ferrari in an IPO targeted for October included in a strategy to improve cash. Fiat Chrysler will spread its remaining 80-percent stake in Ferrari to investors on the first day of next year, creating the super-car manufacturer independent. Marchionne has stated the company may be worth more than 10 billion euros ($11.3 billion), more than half of Fiat-Chrysler market price.
Marchionne intends to create the super-car manufacturer right into a fullfledged high-end brand like Prada or Hermes Worldwide. He took the Ferrari chairman job a year ago in host to Luca Cordero di Montezemolo, who stepped down after over two decades in the post subsequent battles on scheme.
A number of weeks next move, Marchionne summarized the strategy to divide Ferrari from London-centered Fiatchrysler and listing the component's stock in The Big Apple. Then he reshuffled direction of Ferrari's Formula 1 car racing group and employed Sebastian Vettel to change Fernando Alonso as the most effective driver.
Felisa, who ran product development at Fiat-Chrysler Al-Fa Romeo office before joining Ferrari, was one of Montezemolo's closest aides for over 20 years. His departure would indicate the conclusion of an age.
Felisa "provides more than 40 40 years of automotive specialized expertise as well as ability to his leadership job," Ferrari mentioned in IPO records printed July 23. The exec, who turns 69 in Oct, is planning his retirement for months, the folks said. Ferrari said in the filing that "series strategies" are in place for important executives, but the replacements may well not be individuals with equal qualifications.
Marchionne, 63, is not the only car industry executive to serve several purposes, but the places are usually affiliated. Carlos Ghosn is Chief Executive Officer of equally French automaker Renault and Japanese coalition partner Nissan Motor Corp., while Daimler CEO Dieter Zetsche also heads the German firm's Mercedes Benz luxury vehicle office. Along with running Europe's biggest automaker, Volkswagen's Martin Winterkorn heads Porsche Automobil Holding SE, the German firm's dominant investor.
Still, how many executive or board places Marchionne holds is uncommon. He is also chairperson of CNH Industrial NV, the truck and tractor manufacturing company spun off from Fiat in 2011; vice-chairman of Exor, the holding company of the Agnelli family that commands Fiat Chrysler; chairperson of SGS, the Swiss product-screening corporation he headed before the Agnellis decided him to to perform Fiat; and a completely independent manager at cigarette manufacturer Philip Morris Worldwide.
How many seats he retains may possibly set Marchionne "nicely over usually established international best practice limitations," David Lahire, an analyst at Glass, Lewis & Co., stated in a weblog post on the proxy advisory company's web site.
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