MILAN: Ferrari announced Saturday that Sergio Marchionne has resigned as the marquee Italian luxury automobile company’s chairman and CEO at a board of directors (BOD) meeting.
Marchionne’s exit is seen as removimg a key combative player and easing hurdles in the way of Liberty Media’s ongoing efforts to reform Formula One motor-racing championship.
Marchionne has not been in the best of health recently as has been admitted to the ICU in a Swiss hospital and consequently would be unable to return to his duties. The 66-year-old has been a key figure in Ferrari’s success in the Formula 1 championships.
John Elkann, widely considered to be Marchionne’s right-hand man at Fiat Chrysler, will be succeeding him as the company’s chairman.
Ferrari’s BOD are also likely to propose Louis Camilleri to be Marchionne’s replacement as CEO to shareholders with an announcement expected on the same in the coming days.
