It will take months to locate the name of the successor of Louis Camilleri at the helm of Ferrari. The board of directors of the Reds, meeting in conclave on Monday afternoon, limited itself to passing the manager's powers to the president John Philip Elkann pending an "in-depth" examination of possible successors.
Such caution is not only the confirmation that Camilleri's resignation, probably linked to the consequences of the pandemic, has been A bolt from the blue, but also of the change of pace that, for the occasion, will be asked of Maranello. It is very probable that the man who will occupy the desk that belonged to Sergio Marchionne and even before the Drake, the legendary Enzo Ferrari, does not come from the world of motors but from that of luxury in line with the metamorphosis of these years.
By now, moreover, Ferrari trades on the Stock Exchange at multiples much more similar to those of LVMH than to those of the four-wheeler market; in terms of turnover (888 million -3% compared to September 2019) and profitability (222 million, only -2% in the third quarter) the difference has been widening at the time of the Covid-19. But the new leader will have to face complex challenges, both in terms of technology and marketing. Camilleri, who in one year has launched five new models and exceeded the threshold of ten thousand cars, was just at the beginning of a new challenge, that of the "thoroughbred" SUV which will go into production in 2022.
In short, the company is about to cross a delicate threshold, the one that separates the exclusive luxury reserved for the few and a more inclusive luxury addressed to the legions of the nouveau riche who emerge around the planet, thus raising new problems for those who frequent the workshops.
Maybe that's why Elkann quickly ruled out Mike Manley's name, the true protagonist of Jeep's success, from the list of possible successors. Ferrari, in the vision of the number one of the Agnelli group, is the key to fully gaining access to the conquest of new, more profitable markets. The management of Fiat Chrysler is entrusted to Peugeot (aka Carlos Tavares) Exor plays the Ferrari card to become an absolute protagonist in the world of luxury. There is certainly no shortage of names for eligible candidates. Indeed, it is in luxury that successful Italian managers operate. Provided that for the Reds we think of an Italian, just to guarantee the tricolor brand to be developed in a global key. Let's hope alongside Hermès, from which it took over a stake in a promising Chinese brand, or together with Lvmh: Delphine Arnault is already on the board of Ferrari. Another sign of that ever closer Italy-France bond.
