fca e Ferrari the post-Marchionne period begins to all intents and purposes. Under the chairmanship of John Elkann, who is the main shareholder representing Exor, the two meetings, meeting in Amsterdam, formalized the appointment of Mike Manley new CEO of FCA and that of Louis Camilleri to the new CEO of Ferrari, of which Elkann himself is the new president.
Both Manley and Camilleri are expected to have very demanding tasks. In addition to sale of Magneti Marelli (probably to the American fund Kkr, which seems ready to disburse 6 billion to set up a new component hub) and the appointment of the new head of FCA EMEA in place of Alfredo Altavilla, Manley must decide – together with Elkann – the future of Italian factories, which are often cutting-edge but are less profitable than those of other countries in the FCA galaxy, and above all the search for international partner which would make FCA make a leap in quality, consecrating it to the Olympus of the major global automotive groups.
No less demanding is the challenge awaiting Camilleri, who will be responsible for designing the new business plan of Ferrari, which aims to be perceived not only as a brilliant sports car, but also as an icon of luxury, with consequent effects on share capital.
Manley “will announce his organization at the end of September – Elkann told the assembly – He's been working on it with his team for the last few weeks. As part of a process that had already begun with Sergio, given that he had already decided to leave his role, we had already decided to propose Mike Manley as CEO to the partners. FCA has grown thanks to the ability of its leader and Mike, with the support of the Board of Directors and shareholders, will continue the tradition of the past to make FCA an ever stronger and more independent company".
As for Camilleri, “he is an extraordinary leader who has been able to face and resolve situations of great complexity at the head of companies of global reach – continued Elkann – He knows Ferrari very well, Philip Morris has sponsored Ferrari for years. He knows Formula 1 very well, as a senior executive he knows Ferrari from the inside, he knows the Ferrari product as a loyal customer. I am very grateful to Camilleri, given the dramatic moment we were experiencing, I was very comforted to be able to count on Camilleri's skills. He works with passion and will continue to do so, he has prepared the work for the Capital markets day on 18 September ”.
