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Ferrari Names STMicroelectronics Executive as New CEO

Benedetto Vigna will start at Ferrari on Sept. 1.

Image: Benedetto Vigna. Source: Ferrari NV

Italian luxury sports carmaker Ferrari N.V. (NYSE: RACE) has appointed Benedetto Vigna, a longtime executive at Europe’s largest semiconductor manufacturer, as its new chief executive officer

Vigna, 52, will start at Ferrari on September 1, after more than 25 years at STMicroelectronics, where he currently runs the company’s analog, micro-electromechanical systems and sensors group.

“His deep understanding of the technologies driving much of the change in our industry, and 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 serving as interim CEO since previous top executive Louis Camilleri retired unexpectedly in December 2020. 

Vigna's appointment comes at a time when the auto industry is rapidly moving towards electric vehicles. It also follows Ferrari’s announcement in April that it will be launching its first all-electric car by 2025.

In addition to guiding Ferrari’s consumer automobile business, Vigna will be tasked with turning around the company’s Formula One team, which had one of its worst seasons last year in three decades. 

Vigna said in a statement, “It’s a special honor to be joining Ferrari as its CEO, and I do so with an equal sense of excitement and responsibility.”

“Excitement at the great opportunities that are there to be captured,” he added. “And with a profound sense of responsibility towards the extraordinary achievements and capabilities of the men and women of Ferrari, to all the company’s stakeholders and to everyone around the world for whom Ferrari is such a unique passion.” 


Source: Equities News

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