Pursuits
Fiat’s Marchionne Grabs Ferrari Role Ahead of Wall St Debut
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Fiat SpA Chief Executive Officer Sergio Marchionne tightened his grip on the automaker by grabbing the top job at super-car brand Ferrari ahead of the group’s Wall Street listing.
Marchionne, 62, orchestrated the departure of Ferrari Chairman Luca Cordero di Montezemolo, who stepped down today, three days after the Fiat CEO criticized the unit’s Formula One performance and took issue with his offer to stay in the job. Montezemolo, who ran Ferrari for 23 years, will make way for Marchionne on Oct. 13, the same day that shares of Fiat Chrysler Automobiles NV are due to start trading in New York.