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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FERRARI ANNOUNCES CEO SUCCESSION

Maranello (Italy), 2 May 2016 – Ferrari N.V. (“Ferrari” or “Company”) (NYSE/MTA: RACE) announces the retirement of its Chief Executive Officer, Mr. Amedeo Felisa, after 26 years of dedicated service. Mr. Sergio Marchionne will assume those responsibilities while retaining his current role as Chairman of the Company. Mr. Felisa will continue to serve on the Board of Directors of Ferrari with a specific mandate as technical advisor to the Company.
Sergio Marchionne had this to say: “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. 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.”

The Board of Directors wants to officially express its gratitude to Amedeo for his contributions and is delighted to be able to count on his services as technical advisor to the leadership team going forward.

These executive changes are effective immediately.