Director of Technologies and Infrastructures
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The new CEO of Ferrari is an electronics pioneer with a subnuclear physics degree.
Industry insiders were taken aback by the “very unexpected” move, as they had anticipated the legendary Italian brand to target the luxury or consumer goods industries.
Benedetto Vigna, 52, was hired away from his current position as head of the sensors group at semiconductor company STMicroelectronics to take the position after Ferrari, an Italian sports car manufacturer, realized it was facing an industry transition of seismic proportions.
Many people, including business professionals, were taken aback by Ferrari’s “very unexpected” decision since they had anticipated it would come from the luxury or consumer products industries rather than the auto industry.
John Elkann, the acting CEO, will be replaced by Vigna at Ferrari on September 1. Elkann will continue in his role as chairman.
In a letter to clients on Wednesday, Jefferies analyst Philippe Houchois wrote, “The appointment is highly unexpected and, in our view, underscores the need to’reinvent’ Ferrari and the difficulties in identifying people prepared to take on the task.”
Vigna, a University of Pisa subnuclear physics graduate, has worked with STMicroelectronics since 1995. Vigna’s contributions to the gyro technology, which enables cellphones to adjust their screens when turned sideways, are among his accomplishments.
“His deep awareness of the technologies driving much of the shift in our industry, and his demonstrated creativity, business-building, and leadership skills, will further reinforce Ferrari and its distinctive story of passion and performance,” Elkann gushed in a statement about Vigna.
Since longtime CEO Luca Di Montezemolo left Ferrari in 2014, the company’s upper management has been in upheaval. Late Fiat Chrysler Automobiles CEO Sergio Marchionne took over to oversee Ferrari’s spin-off and initial public offering in October 2015.
Louis Camilleri took over as Ferrari’s CEO after Marchionne passed away in July 2018. Camilleri abruptly left his position in December, apparently owing health difficulties from Covid-19. Elkann intervened, but he made it plain that it was only a temporary solution. He maintains the same position with the new Stellantis, the multinational carmaker created by the union of Fiat Chrysler and France’s PSA Group, in addition to his chairmanship of Ferrari.
Despite the distinct niche that Vigna’s vehicles occupy—a base Ferrari, the Portofino, is presently priced at roughly $215,000—some industry experts view Vigna as a good fit for a business that confronts many of the same constraints as the rest of the auto industry. The manufacturer also extensively licenses the use of its brand name for use on products as varied as sunglasses and laptop computers, despite being known for both its high-performance sports vehicles and participation in Formula One racing.
The Purosangue, which translates to “thoroughbred,” is Ferrari’s first sport utility vehicle, and the new SF90 Stradale, the company’s first plug-in hybrid, has just gone on sale. Ferrari will debut its first battery-electric vehicle in 2025, Elkann said in April.
That might end up being the most difficult project Ferrari has undertaken in a long time. Longtime rival Lamborghini recently declared plans to only sell hybrid vehicles by the middle of the decade, with up to four electric vehicles under development for the second half.
Ferrari goods will continue to use more electronics for their infotainment systems, cutting-edge safety equipment, and drivetrain controls, even if they are conventionally driven.
According to Pietro Solidoro, an analyst at Bestinver, “we anticipate that (Vigna) will be able to further accelerate Ferrari’s capacity to remain ahead of the curve in next-gen technology compared to the automotive sector.”
Benedetto Vigna is named as Ferrari’s next CEO.
Benedetto Vigna has been selected as Ferrari’s new CEO, filling the position that was vacated when Louis Camilleri abruptly left the automaker six months ago.
John Elkann, the chairman of Ferrari, temporarily filled the position, but Vigna has now been selected and will start working for the automaker on September 1.
At the moment, Vigna is in charge of STMicroelectronics’ largest division, which makes microchips.
Given Ferrari’s aspirations to introduce an electric vehicle to the market by 2025, the decision has been interpreted as a reference toward the electrification of Ferrari’s road cars in the future.
Benedetto Vigna is the new CEO of Ferrari, and we’re thrilled to welcome him, Elkann remarked.
“His demonstrated innovation, business-building, and leadership skills will further reinforce Ferrari and its distinctive tale of passion and performance in the exciting future ahead,” says the release. “His profound understanding of the technology driving much of the transformation in our industry.”
As the Ferrari Formula One team recovers from a terrible 2020 campaign and tries to take advantage of new regulations in 2022 to climb back to the front of the grid, Vigna joins the organization.
As Ferrari’s new CEO, Vigna remarked, “It’s a tremendous honor, and I do so with an equal sense of joy and responsibility.”
And with a deep sense of obligation to the amazing accomplishments and abilities of Ferrari’s employees, to all of the company’s stakeholders, and to everyone for whom Ferrari is such a singular passion.
Ferrari introduces a new structure and elite squad to take on the electrification issue.
- Summary
- Companies
- new positions to report directly to the CEO
- CEO brings on new senior executives from STMicro
- FIA confirms Binotto as F1 team principal.
- For Ferrari, brand strategy is strategic.
Benedetto Vigna, a seasoned member of the IT sector and a former senior executive at the chip manufacturer STMicroelectronics (STM.BN), assumed the CEO position in September with the responsibility of leading Ferrari into a new era of cleaner, quieter, and more networked mobility.
More important operations segments, including “Product Development and Research & Development,” “Digital & Data,” and “Technologies & Infrastructures,” will directly report to the CEO under the new structure, which is intended to sharpen Ferrari’s technology focus and product exclusivity, the company said.
According to a source familiar with the situation, it will enable Vigna to cut down on intermediary management layers and become faster and more agile. Vigna is famed for its roaring, high-octane sportcars.
Gianmaria Fulgenzi, who has been with Ferrari since 2002 and most recently served as the division’s head of supply chain, has been named the company’s chief product development officer as part of the makeover, it was announced.
Former STMicro employee Ernesto Lasalandra was hired by Ferrari to take over as the company’s chief research and development officer.
Silvia Gabrielli was appointed chief digital and data officer at Ferrari in 2019 after leaving Microsoft (MSFT.O) to “accelerate the digital transformation process throughout the organization, ensuring more data driven and digitally oriented procedures.”
In a statement, Ferrari said that the new organizational structure would “further stimulate innovation, optimize procedures, and boost collaboration both internally and with partners.”
Angelo Pesci, who has over 20 years of experience in financial planning, supply chain and product planning, services, and operations, was also hired by Ferrari from STMicro. At the Italian business, he was appointed chief purchasing and quality officer.
Vigna’s choice to hire two senior executives from STMicro, according to Bestinver analyst Andrea Trovarelli, indicated that he was “looking to reliable partners to aid his turnaround and to put the legendary manufacturer on course for electrification.”
Additionally, Ferrari confirmed Mattia Binotto as the team’s manager.
The company last month anticipated that three of its top executives would be leaving as part of an internal reorganization. These executives included Chief Technology Officer Michael Leiters and Chief Brand Diversification Officer Nicola Boari, who oversaw Ferrari’s expansion beyond its luxury sports car business with the June debut of its first in-house clothing line. View More
According to Ferrari, Vigna will oversee “Brand Diversification” temporarily.
According to the source, Vigna strongly believed in Ferrari’s brand strategy but wanted to monitor how it is managed to ensure that it can operate in “start-up mode” before a long-term leader is recruited for this position in the upcoming months.
Benedetto Vigna has been selected as Ferrari’s new CEO, succeeding acting CEO John Elkann.
Louis C. Camilleri left his position as CEO in December for personal reasons, and Ferrari chairman Elkann assumed that position in the meantime.
In a statement released by Ferrari on Wednesday, it was revealed that 52-year-old Vigna would start serving as the company’s CEO on September 1.
Currently, Vigna heads the Analog, MEMS, and Sensor Group at STMicroelectronics and sits on the executive committee of the business.
Ferrari said that Vigna could “accelerate Ferrari’s ability to pioneer the use of future generation technology” thanks to his “unique experience gained over 26 years working at the heart of the semiconductor industry that is quickly revolutionizing the automotive sector.”
Benedetto Vigna is the new CEO of Ferrari, and we’re thrilled to welcome him, stated Elkann.
As Ferrari’s new CEO, Vigna remarked, “It’s a tremendous honor, and I do so with an equal sense of joy and responsibility.”
“elation at the fantastic opportunities that are waiting to be seized. And with a deep sense of obligation to the exceptional accomplishments and abilities of Ferrari’s employees, to all of the company’s stakeholders, and to everyone for whom Ferrari is such a singular passion.”
Vigna joins Ferrari at a time when the Formula 1 team is experiencing improved performance after winning the first two positions on the grid.
Ferrari is presently two points ahead of McLaren for third place in the F1 constructors’ standings.
Toyota updates the Corolla with a sporty turbocharger.
At the Geneva-based computer chip manufacturer STMicroelectronics(STM), Benedetto Vigna, currently the president of the micro-electromechanical systems and sensor areas, will take over as CEO on September 1.
“His deep understanding of the technologies driving much of the change in our industry, as well as 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 Ferrari Chairman John Elkann, who has been acting as interim CEO since previous top executive Louis Camilleri unexpectedly left his position in December.
The 52-year-old Vigna joined ST in 1995 and has since become an expert in connectivity, image, and power solutions with an emphasis on the automotive and industrial markets.
At a time when the majority of the automotive industry is quickly transitioning to electric vehicles, he will assume the leadership at a business known for producing loud, gas-guzzling performance cars. Elkann outlined plans for Ferrari to introduce its first all-electric vehicle by 2025 during the automaker’s annual meeting in April. There is a plug-in hybrid model now available.
In 2016, Ferrari(RACE) was separated from what had previously been Fiat Chrysler. Since the company’s split, the value of its shares has roughly quadrupled. Stellantis was created following the merger of Fiat Chrysler and French carmaker PSA Group.
Elkann belongs to the Agnelli family, which presided over Fiat prior to its merger with Chrysler. In addition, he serves as the chairman and CEO of Exor, a family-owned business that owns 24% of Ferrari and 14% of Stellantis.
Lamborghini, a rival to Ferrari, declared last month that by 2024 every one of its vehicles would be powered by an electric motor, but it has not yet revealed its intentions for a fully electric version of its supercar.
Last year, Ferrari was profitable. Despite the pandemic driving down revenues, the company recovered to produce a record profit in the fourth quarter, and it has forecast an additional increase in profits this year. With only 9,119 vehicles sold in 2020 at an average price of around EUR300,000, or $370,000, Ferrari is the epitome of the boutique automaker.
Even though the “average” Ferrari still loses value over time like other vehicles, certain of them can grow in value over time as investments. A 1962 Ferrari 250 GTO that sold at auction in 2018 for more than $48 million was the most expensive antique automobile ever sold. Six Ferraris are among the top 10 most expensive vehicles ever sold at auction.
Vigna will be responsible for overseeing Ferrari’s vehicle company in addition to turning around the Formula One team’s fortunes, which had its worst year since 1980 last year.
Who is the Ferrari 2021 CEO?
In 2019, Louis Camilleri earned $887,255 in total remuneration while serving as Ferrari’s CEO and Executive Director. Total cash received was $700,000, equity received was $0, and pension and other types of compensation was $187,255.