Ferrari chairman Marchionne announces retirement

Ferrari Chairman and CEO Sergio Marchionne has reportedly confirmed his retirement timeframe as early 2019 in an address in the USA regarding Fiat Chrysler’s current position in the American market.

Marchionne, who is currently CEO of Fiat Chrysler as well as Chairman and CEO of Ferrari, has plotted out the time before he wants to step down from the roles and is expected to announce his retirement before the start of the new financial year in 2019.
Speaking at the Detroit Motor Show, Marchionne confirmed the news to the Detroit Free Press but it is not yet known how Ferrari will plan to replace the 64-year-old.

Marchionne replaced Luca di Montezemolo as Ferrari president in late 2014 having led the Fiat Chrysler company back to success as top boss in 2009.

Ferrari returned to the top step of the F1 podium in 2015 with three wins achieved by new signing Sebastian Vettel but the Italian manufacturer’s progress has stagnated in 2016 when it slipped behind Red Bull to third in the F1 world constructors’ championship.

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