Ferrari has turned into a leading tech executive to become its new CEO and direct the business to the time of electrical supercars.
Benedetto Vigna, now the president of both micro-electromechanical systems and detector groups in the Geneva-based keyboard maker STMicroelectronics (STM), will take over as CEO on September 1.
“His deep comprehension of the technology driving much of this change within our industry, along with his demonstrated invention, business-building, and leadership abilities, will further fortify Ferrari and its own distinctive story of passion and functionality, at the exciting age beforehand,” said Ferrari Chairman John Elkann, that has been serving as interim CEO since preceding leading executive Louis Camilleri retired abruptly in December.
Vigna, 52, joined ST in 1995 and has specialized in imaging, connectivity, and power options, with a focus on automotive and industrial market segments.
He’ll take the lead in a business known for constructing loud, high-performance automobiles in a time when the majority of the automobile market is quickly moving towards electrical vehicles. In the automobile manufacturer’s yearly meeting in April, Elkann declared plans for Ferrari to launch its initial all-electric automobile by 2025.
It now has a plug-in hybrid currently available. Fiat Chrysler has gone to unite with the French automaker PSA Team to form Stellaris.
Elkann is a part of the Agnelli family, which commanded Fiat prior to its merger with Chrysler. He’s also chairman and CEO of this family-owned firm, Exor, which holds 14 percent of Stellantis and 24 percent of Ferrari stocks.
Ferrari competition Lamborghini declared last month that each of its cars is going to have an electric engine by 2024, but it’s yet to announce plans to get a completely electric version of its supercar. Although earnings were down from the face of the pandemic, the business rebounded to post a record profit in the fourth quarter, and it has projected another increase in earnings this year. Ferrari is the greatest market automaker, selling just 9,119 automobiles in 2020, at an average cost of approximately $300,000, or $370,000.
Many Ferraris can become permanent investments that appreciate in value, but the”typical” Ferrari still depreciates as with other automobiles. The most precious traditional car ever sold in the auction was a 1962 Ferrari 250 GTO that brought over $48 million in 2018. Among the top 10 most precious cars sold in the auction, six are Ferraris.
As well as directing its automobile business, Vigna is also tasked with protecting the fortunes of Ferrari’s Formula One team, which last year suffered its worst period since 1980.