Ferrari’s three top managers leave as new leadership takes place

Ferrari CEO Benedetto Vigna is making new leadership plans in the company. With this move, he also announced that three top managers will be leaving the company. This includes the Chief Technology Officer, Michael Leiters.

Ferrari plans new leadership structure, three top managers to leave - All  In1 News and Trending Topics
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Furthermore, the announcement said that Ferrari’s “strategic goals of exclusivity, excellence, and sustainability”. The industry veteran, Vigna took over as CEO in September this year. With the motive to drive Ferrari into the new era of electrification, major changes are being implemented. The automaker said that the new management structure will “further foster innovation, optimize processes and increase collaboration both internally and with partners.”

Michael Leiters is a German national who joined in 2014, has helped develop Ferrari’s recent most successful models, including the 2019’s SF90 Stradale and this year’s 296 GTB, the house’s first two hybrid electric cars. Furthermore, Other top managers leaving the company are Chief Manufacturing Officer Vincenzo Regazzoni and Chief Brand Diversification Officer Nicola Boari, who oversaw Ferrari’s push into luxury, with the unveiling in June of its first in-house fashion collection.

Ferrari said, Key figures in the new organizational framework have been already identified through internal promotions and new hires, and will join the company starting from next month.

Ferrari’s electrification push

Referring to Ferrari’s electrification push, analysts including George Galliers wrote, “While we would view any Ferrari push to be at the forefront of evolving technologies positively in the long-term, for investors today, the transition brings uncertainty around potential future capital expenditure requirements and their implications for earnings and free cash flow,”

So far the internal combustion engines have been the core of the industry. Now as the change occurs new technology involvement is also expected. The appointment of Vigna indicated the company’s efforts to focus on technology. The going away of top managers was least expected, especially considering the work they have done in Ferrari. The high-performance fabrics offer Ferrari users the Coutre touch. Ferrari’s plans to extend its brand also include a new restaurant in hometown Maranello in northern Italy with Michelin-starred chef Massimo Bottura.

On the other hand, it would be interesting to see how the company will go about it. The new hires’ details are yet to be revealed. It could potentially be some people from the tech industry. As Ferrari already has the best vehicles, the questioning part is in terms of technology advancement. The performance of the vehicle along with the luxury aspects matter in this case.