NEW MAN ON TOP: Sergio Marchionne has been appointed Ferrari's new CEO, the company said on Monday. Image: AFP / Spencer Platt
Milan - Sports carmaker Ferrari NV says Sergio Marchionne has been named CEO, while retaining his position as chairman.
The move was announced Monday as Ferrari posted its best first-quarter earnings ever, a 19% increase in net profit to $89.5-million. That compares with 65 million euros in the same period in 2015.
Leading at the front
Marchionne, who is also CEO of mass-market carmaker Fiat Chrysler Automobiles NV, replaces long-time CEO Amedeo Felisa, who is retiring after 26 years at Ferrari. Felisa will retain a Ferrari board seat.
The carmaker, based in the northern Italian city of Maranello, said shipments for the three months ending March 31 grew 15% to 1882.
Revenues were up nearly 9% to 675 million euros.