Ferrari (NYSE:RACE) Management is Fully Committed to its Stated Goals

Ferrari (NYSE:RACE) Management is Fully Committed to its Stated Goals


John Elkann, Ferrari’s (NYSE:RACE) Chairman says the appointment of new F1 Team boss Mattia Binotto was not a result descents inside The Scuderia.

Last week Mr. Binotto was promoted from technical chief to replace Maurizio Arrivabene as team principal, which led to media speculation that it could be one of a a number of changes to Ferrari’s management structure.

Rumors ex-Ferrari boss Stefano Domenicali is being being courted by the Maranello Outfit to take over CEO Louis Camilleri’s spot have surfaced. Mr. Domenicali was forced 5 years ago and is now serving at Volkswagen’s (OTCMKT:VLKAY) Lamborghini unit.

Our sources have made it clear that Mr. Domenicali has no interest in returning to Ferrari and is fully committed to Lamborghini.

To clarify Mr. Binotto’s promotion and Mr. Arrivabene’s termination, Mr. Elkann wrote an open letter to fans in Gazetta dello Sport, stating the choice was taken by the company’s directors.

“I read with surprise words and opinions attributed to me about Ferrari, but that have never been said and do not reflect my thoughts,” Chairman Elkann said.

“I feel obliged to clarify some points, for the benefit of readers and in respect of the truth.

“The appointment of Mattia Binotto to team principal of Scuderia Ferrari does not represent ‘a turnaround’ in management and does not arise from alleged disagreements within the team.

“On the contrary, it was a choice decided by the company in agreement with Maurizio Arrivabene, who has worked tirelessly in the 4 years of work in that position to turn The Scuderia back to the levels of competitiveness it deserves.

“The work of Mattia, which has already begun in anticipation of the season that is about to start, rests its foundation precisely on what has been done in recent years. It is a line of continuity that aims at evolution, certainly not a ‘rupture’ compared to the past.”

Chairman Elkann also showed his support for CEO Camilleri, with no intention to seek a replacement at this point in time.

“I reject any rumor or imagination that suggests returning to the past and further changes in our structure,” he said.

“My commitment to ensure stability and concentration to Ferrari is total, as is that of the CEO Louis Camilleri. Together, and with the contribution of all the women and men of Ferrari, we will reach the goals that we presented publicly a few months ago from Maranello.”

Note: The word Supercar brings to mind a striking, powerful machine with just 1 badge: Ferrari, the Aristocrat of the automotive world.

HeffX-LTN’s Key technical indicators for RACE have turned Bullish to Very Bullish.

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