Chris Bryant, Columnist

Ferrari Loses Some of Its Famous Horsepower

What happens to the luxury valuation without the man who willed it into being?

July 23, 2018 at 10:00 AM UTC

Chris Bryant is a Bloomberg Opinion columnist covering industrial companies in Europe. Previously, he was a reporter for the Financial Times.

Sergio Marchionne’s will to (horse)power.
Photographer: Spencer Platt/Getty Images North America

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Losing Sergio Marchionne is a blow for Fiat Chrysler Automobiles NV. For Ferrari NV, it’s a calamity.

While investors had grown used to the idea that Marchionne would retire as Fiat CEO next year, they thought he’d be leading the sportscar maker until 2021 at least. Instead, Louis Camilleri — the former boss of Philip Morris International Inc. — will be handed the Ferrari keys (provided shareholders agree). He’s an experienced executive, to be sure, but one who lacks Marchionne’s car industry experience and maybe his ability to seduce the capital markets.