Ferrari's new CEO named

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.