Marchionne becomes Ferrari CEO

Sergio Marchionne has been nominated as Ferrari CEO, in addition to his position as chairman. He replaces the retiring Amedeo Felisa. The announcement came as Ferrari announced its first-quarter earnings which revealed profits of $89.5 million, a 19 percent leap compared to last year. Marchionne remains intent on pushing Ferrari into the luxury goods markets. He is not giving details of the plans for the moment. Ferrari has also revealed its intention to build a theme park in China, following on from the parks in Abu Dhabi and another in Spain that is under development. The number of cars being delivered is up 15 percent with close to 8,000 sales expected this year. The company relies heavily on success in Formula 1 and at the moment there isn’t much to report in that respect, as the team continues to be drubbed by Mercedes. The promises of better performance this year have yet to be fulfilled.