F1: Ferrari (NYSE:RACE) Sacked Arrivabene as Team Boss

F1: Ferrari (NYSE:RACE) Sacked Arrivabene as Team Boss

$RACE

Maurizio Arrivabene leaves his post as Team Principal of Ferrari, clearly the biggest job in F1, just after a little over 3 years at The Scuderia. Mattia Binotto, the Technical Director and Ferrari lifer, takes his place.

The writing was on the wall

It is widely believed that Sergio Marchionne had decided early last year that that Mr. Arrivabene’s tenure had reached its natural conclusion and that Mr. Binotto, well-liked internally and with Ferrari since Y 1995, was the man to push Ferrari to make that final move.

He had earned his stripes.

But when Mr. Marchionne passed away in July, it became unclear what would happen. Tensions between Messrs Arrivabene and Binotto grew as the season drew to a close. It became clear that working together going forward would be problematical

Ferrari also knew that Mr. Binotto was the man. After all he had turned Ferrari’s fortunes around in the pressurized environment in F1

The Maranello Outfit could not let their talented Technical Director go, it acted. Arrivabene was sacked, Binotto promoted.

We all know the lead driver Sebastian Vettel was irked over a number of issues last season, so it is understandable that Ferrari’s senior management moved fast, just 68 day before the start of the 2019 season, to get their house in order and put smiles back on Seb’s face, and the rest of The Scuderia Team members.

Mr. Binotto’s replacement in the technical team is unclear because for now Ferrari say all technical areas will continue to report directly to the new team principal, but there are several capable candidates internally, including Laurent Mekies. The Frenchman attended a race in Red for the 1st time in Abu Dhabi after completing his leave on departing his role as safety and deputy race director at governing body the FIA.

Ferrari’s share price responded positively on the news, finishing at 109.02, +4.54 on the day in New York.

Stay tuned…

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