Ferrari taps European chip-maker executive as new CEO – Milwaukee, Wisconsin

Milwaukee, Wisconsin 2021-06-09 09:12:58 –

By Colleen Barry
AP Business Writer

Milan (AP) — Luxury sports car maker Ferrari announced on Wednesday that it has appointed Benedetto Vigna, the Italian executive of Europe’s largest semiconductor chip maker, as its new CEO.

Vigna, 52, will join Ferrari in September from Geneva-based STMicroelectronics. He has worked for STMicroelectronics for 26 years and has recently run the most profitable businesses, the Analog, Micro Electromechanical Systems and Sensors groups.

This appointment demonstrates Ferrari’s focus on new technologies that will shape the transitional automotive world as electric powertrains, self-driving technology and in-vehicle connectivity become more important. Ferrari announced that it will launch its first fully electric supercar in 2025.

Ferrari said Vigna’s knowledge of the semiconductor industry “accelerates Ferrari’s ability to develop applications for next-generation technologies.”

Vigna will be the third CEO in three years after Louis Camilleri resigned in December after the fight against COVID-19 and Sergio Marchionne died unexpectedly in July 2018. Italy Maranello in the northern city of Emilia Romagna.

Elkann praised Vigna for his “deep understanding of the technology that has revolutionized our industry … his proven innovation, business building and leadership skills.”

Ferrari’s sophisticated sports cars and Formula 1 racing machines have made the prancing horse logo one of the most powerful brands in the world. The company is stepping into the luxury sector this weekend as part of a long-term strategy to transform itself into a luxury goods maker at a runway preview of the new luxury ready-to-wear collection in Maranello.

Like the rest of the automotive industry, Ferrari was hit by a pandemic of the new coronavirus and temporarily stopped production in the spring of 2020. Ferrari announced last month that it would not meet its 2022 financial target due to the pandemic, despite strong first quarter. rebound.

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