Ferrari (RACE.MI) is making good progress on a shortlist of “very strong” candidates to be the Italian luxury carmaker’s next chief executive, Chairman John Elkann told shareholders at a general meeting on Thursday.
Elkann said the list would include people who have “all the right qualities, including importantly the technological capabilities, to lead our company”.
Former CEO Louis Camilleri stepped down in December, citing personal reasons, after being in the role for nearly two and a half years, just as the company was rolling out new hybrid models and getting ready for its first ever SUV, called ‘Purosangue’ (Thoroughbred).
“The new CEO and the senior management team will share Ferrari’s exciting future with you during our (capital markets day) in 2022, which will also be a year of important new product launches and particularly the Purosangue which is turning out to be something truly special,” Elkann said.
He added the company known for its ‘Cavallino Rampante’ or ‘Prancing Horse’ logo, was set to unveil three new models this year and would continue with its electrification strategy, with a first full-electric Ferrari to be presented in 2025.
Shares in the company were up 1.5% at 1104 GMT, compared with a roughly flat Milan blue-chip index (.FTMIB).
Ferrari is often seen by analysts and investors as a luxury goods company rather than an automotive specialist, and during his tenure Camilleri launched a plan to widen the brand to clothing, accessories, entertainment, luxury products and services.
Elkann said the company was making good progress with those plans, with the historic Cavallino restaurant in Ferrari’s hometown of Maranello to reopen at the end of May and its first men’s and women’s luxury collection to be launched in June.