Just before the last Formula 1 race of 2020 in Abu Dhabi, shocking news poured through the paddock that Ferrari's CEO Louis Camilleri was stepping down with immediate effect. The news had come out of nowhere as Ferrari apart from its F1 operation was doing very well and Camilleri who was a long time board member had just been there for 2 and half years, replacing the towering Sergio Marchionne. Chairman and Agnelli family scion John Elkann had assumed the role of interim CEO, but now Ferrari has appointed Benedetto Vigna as its new CEO. The 52-year-old Vigna comes from outside Maranello. He joins on September 1 from STMicroelectronics, where he is currently the president of Analog, MEMS and Sensors Group, basically the company's most profitable business in 2020.
undefinedBenedetto Vigna will be the new Chief Executive Officer of Ferrari starting from 1 September.
— Ferrari (@Ferrari) June 9, 2021
He commented: “It's a special honour to be joining Ferrari as its CEO and I do so with an equal sense of excitement and responsibility.”
"It's a special honour to be joining Ferrari as its CEO and I do so with an equal sense of excitement and responsibility. Excitement at the great opportunities that are there to be captured. And with a profound sense of responsibility towards the extraordinary achievements and capabilities of the men and women of Ferrari, to all the company's stakeholders and to everyone around the world for whom Ferrari is such a unique passion," Benedetto Vigna said at the announcement.
"We are delighted to welcome Benedetto Vigna as our new Ferrari CEO. His deep understanding of the technologies driving much of the change in our industry, and his proven innovation, business-building and leadership skills, will further strengthen Ferrari and its unique story of passion and performance in the exciting era ahead," said John Elkann who is Ferrari's chairman and the CEO of Exor the holding company which has majority stakes in Ferrari and Stellantis.
(John Elkann was appointed chairman of Ferrari, and replaced Sergio Marchionne)
This is a clear indicator that Ferrari wants to adopt modern technologies as a part of its future. Right now of all the big-ticket supercar makers, Ferrari will be the last one to electrify in 2025. It is also making SUVs now. Like most carmakers, Ferrari hasn't been insulated from the global semiconductor crisis which to has been a concern. The hiring of Vigna who is a veteran of the semiconductor industry will help navigate Ferrari's transformation.
The plan is "to ensure Ferrari continues to build on its leadership position as the creator of the world's most beautiful and technically advanced cars. His unique knowledge gained over 26 years working at the heart of the semiconductor industry that is rapidly transforming the automotive sector will accelerate Ferrari's ability to pioneer the application of next-generation technologies," said Ferrari in a statement.
This shift comes at a time when Ferrari is seeing an upturn in its F1 fortunes with the team getting pole for two consecutive races, getting a P2 in Monaco and has a P3 in the constructor's championship ahead of McLaren.
Ferrari was also said to be courting former Apple Chief Design Officer Sir Jonathan Ive and Apple's current CFO Luca Maestri but seems like it has settled in on a lower profile executive in Vigna who admittedly is also Italian.
