Ferrari [NYSE:RACE] shareholders are set to convene in Amsterdam on Friday to nominate a new board of directors.
It’s being reported that as part of the process, current CEO Amedeo Felisa will step down.
Bloomberg, citing people familiar with the matter, reports that Felisa will stay on as a board member following his resignation from the CEO role. Filling in for him, in the interim at least, will reportedly be Ferrari Chairman and current Fiat Chrysler Automobiles [NYSE:FCAU] CEO Sergio Marchionne.
Felisa, 69, has held the top role since 2008 but has been with Ferrari since 1990. Born in Milan, he has a background in engineering and originally started his automotive career with Alfa Romeo back in 1972. By 2004, he was serving as General Manager of Ferrari and in 2008 he became CEO.
Ferrari’s share price has lost almost a third of its value since it went public late last year. While investors seek further growth, management also needs to be wary of maintaining exclusivity. Ferrari has a current target of 9,000 deliveries by 2019 but Marchionne has hinted at taking this higher.
Ferrari is also increasing the number of its brand licensing deals. Just this month a third Ferrari-branded theme park was confirmed. It will be built in Mainland China.
We’ll update the story as soon as more details are known.