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Ferrari appointed an electronic component expert as its chief executive officer. This unexpected appointment ended the search that began at the end of last year when its former boss Louis Camilleri resigned due to Covid-19.
Italian Benedetto Vigna (Benedetto Vigna) is the head of STMicroelectronics’ sensor department, which is the largest and most profitable department of the technology group. He will join the supercar manufacturer in September.
Vigna has been working at STMicroelectronics since 1995 and founded his department, which now has the same revenue and staff size as Ferrari.
He specializes in motion sensors and is part of the team that invented the three-axis gyroscope, which can change the screen ratio when the phone is turned.
The technology that debuted in the iPhone 4 is now common in most modern car navigation systems, and Vigna leads ST to promote a series of technologies for the automotive industry.
However, his appointment was a major surprise because he has no direct experience in cars or luxury goods. According to reports, candidates for this position include some well-known luxury executives.
Jefferies Automotive Analyst Philippe Houchois said: “This appointment is very unexpected. In our view, it reflects the need to’reshape’ Ferrari and the difficulty in finding candidates willing to take on this task.”
“That said, one should not underestimate the strategic thinking of Ferrari and Exor Chairman John Elkan,” he said.
Exor, led by Elkann, owns 36% of Ferrari’s voting rights and 14% of the automaker Stellattis, which was formed by the merger of Fiat Chrysler and French PSA this year.
After selecting the then little-known Sergio Marchionne to manage the almost bankrupt Fiat in 2004, Elkan was known for his discovery of talent.
Over the next 14 years, Marchionne transformed his business into an empire worth 200 billion euros, including the acquisition of Chrysler and the splitting of Ferrari and CNH Industrials into separate businesses.
Elkann said in Wednesday’s announcement that Vinia’s “deep understanding of the technologies that drive most of the changes in our industry, as well as his proven innovation, business building and leadership capabilities, will further strengthen Ferrari and its unique passion and performance Stories, in the exciting times of the future”.
Vinia called his appointment a “special honor” and stated that he “has a strong sense of responsibility for the extraordinary achievements and abilities of Ferrari employees, all stakeholders of the company, and everyone around the world.” A unique passion”.
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