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Fiat's Marchionne Adds Ferrari CEO Title After Felisa Retires

  • New role in addition to executive's jobs at Fiat Chrysler, CNH
  • Felisa to remain at the carmaker as a technical adviser
Updated on

Ferrari NV appointed Chairman Sergio Marchionne to replace Amedeo Felisa as chief executive officer with “immediate effect,” adding yet another title for the Italian-Canadian manager, who also runs Fiat Chrysler.

Felisa, 69, retired from his post as the carmaker’s new board of directors met for the first time to discuss first-quarter results, the company said in a statement, confirming a previous report by Bloomberg. Ferrari raised its 2016 profit targets after adjusted earnings before interest, taxes, depreciation and amortization rose 11 percent in the first quarter to 178 million euros ($205 million).