Ferrari board to name Marchionne succssors Saturday

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Sergio Marchionne

TURIN — The board of Ferrari NV is set to meet Saturday to appoint successors to Sergio Marchionne, who serves as chairman and CEO of the Italian sports car maker, a person familiar with the situation told Automotive News Europe.

The new chairman will be John Elkann, the controlling shareholder of Ferrari and Fiat Chrysler Automobiles, said the person, who didn’t want to be identified. Louis Carey Camilleri, a Ferrari board member and former chairman of Philip Morris International, will be Ferrari’s CEO, the source added.

Ferrari spokesman Stefano Lai, reached late Friday, declined to comment.

The move comes as Marchionne, who is also CEO of FCA, recovers from surgery in advance of his scheduled retirement next year. Marchionne, 66, had surgery on his right shoulder and needs a short period of convalescence, an FCA spokesman told Italian business website Lettera 43 on July 5.

Marchionne likely will miss FCA’s announcement of its second-quarter earnings on Wednesday, Lettera 43 said earlier this week. Marchionne has chaired FCA’s quarterly earnings calls since he was appointed CEO of Fiat SpA — the predecessor to FCA — on June 1, 2004.

The FCA board also is meeting Saturday, said a second source. An FCA spokeswoman declined to comment.

Marchionne’s last known public appearance was in Rome on June 26, when he delivered a Jeep Wrangler to the Carabinieri police.

In addition to his roles at Ferrari and FCA, Marchionne is chairman of agricultural and construction equipment maker CNH Industrial and nonexecutive vice chairman of Exor, the Elkann-Agnelli family financial holding company.

You can reach Luca Ciferri at lciferri@crain.com.


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