Amedeo Felisa retiring after 26 years with the company.

Ferrari CEO Amedeo Felisa has announced plans to retire from his position effective immediately.

Felisa has spent the past 26 years with Ferrari and will be replaced by Fiat Chrysler Automobiles CEO and Ferrari Chairman Sergio Marchionne. Despite retiring from his position as CEO, Felisa will continue to serve on Ferrari's Board of Directors and will be a technical advisor to the company.

In a statement, Marchionne said “I have known Amedeo for more than a decade and I have had the opportunity to work with him closely for the last two years. He is beyond any doubt one of the best automotive engineers in the world."  The executive went on to say "During the last 26 years, he has worked tirelessly to fuel and guide Ferrari’s technical development, producing an array of cars which have set the standard for both performance and styling.”

Marchionne hasn't been shy about his plans for Ferrari as he has previously said he wants to increase production and expand the brand into the luxury goods market.  These moves might not sit well with the Ferrari faithful but they are important steps to increasing the brand's profitability which is critical now that the automaker is an independent company.

Source: Ferrari and Automotive News

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