[ad_1]
Ferrari has appointed a specialist in electrical components as chief executive, a surprise appointment that puts an end to a search that began late last year when its former boss Louis Camilleri resigned from Covid-19.
The new head Benedetto Vigna, Italian, is the head of the sensor unit of STMicroelectronics, the largest and most profitable division of the technology group. He will join the super carmaker in September.
Vigna has worked at STMicroelectronics since 1995, founding the division he heads, which is now the same size in revenue and employees as Ferrari.
He specializes in motion sensors and was part of the team that invented three-axis gyroscopes that change the screen ratio of a phone when rotated.
The same technology that debuted on the iPhone 4 is now common in the navigation systems of most modern cars, while Vigna led ST’s drive to supply the automotive industry with a range of technology. .
However, his appointment is a big surprise, as he has no direct experience in automotive or luxury. Candidates declared for the post included several established luxury executives.
“The appointment is highly unexpected and, in our view, reflects the need to‘ reinvent ’Ferrari and the difficulty of securing candidates willing to take on the job,” said Philippe Houchois, Jefferies ’automotive analyst.
“That said, Ferrari’s strategic thinking and Exor president John Elkann should not be underestimated,” he said.
Exor, which runs Elkann, owns 36% of Ferrari’s voting rights, as well as 14% of Stellantis, the vehicle maker created by the merger of Fiat Chrysler and PSA of France this year.
Elkann is famous for his talent in detecting after choosing the then unknown Sergio Marchionne to drive the almost bankrupt Fiat in 2004.
Over the next 14 years, Marchionne transformed the business into a € 200 billion empire, which included the acquisition of Chrysler and the creation of Ferrari and CNH Industrials as separate businesses.
Speaking Wednesday in the announcement, Elkann said that “Vigna’s deep knowledge of the technologies driving much of the change in our industry, and its proven ability to innovate, create business and leadership, will further strengthen more Ferrari and its unique history of passion and performance, in the exciting time that awaits us ”.
Vigna called his appointment a “special honor” and said he joins “with a deep sense of responsibility towards the extraordinary achievements and capabilities of Ferrari’s men and women, all stakeholders in the company.” company and everyone in the world for whom Ferrari is such a unique passion ”.
[ad_2]
Source link
