14.4 C
New York
Sunday, October 17, 2021

Ferrari (NYSE:RACE) to Use Veto to Block Toto Wolff from F1’s Top Job


Louis Camilleri says it would be a conflict of interest to become CEO of F1 after being CEO of a F1 team.

Ferrari (NYSE:RACE) will use its veto to kill all hopes of Toto Wolff becoming the next CEO of F1.

Mr. Wolff has the desire to replace Chase Carey, who is likely to retire from the post in the next 18 months.

Ferrari’s chief saw the MercedesAMG boss angling and has threatened to use the team veto to make sure it does not happen.

Mr. Wolff has been linked to the Top position in F1, and his future is a factor in what Lewis Hamilton decides to do from Y 2021 on.

Louis Camilleri, CEO at Ferrari, claimed it would be a conflict of interest. He said that anyone who had been an active and important player of a particular team within the prior years should not be fit to take the responsibility at F1.

He reiterated that if Mattia Binotto, The Scuderia’s boss, was the candidate forwarded to replace Mr. Chase, then the rest of the teams would also not be happy either

The veto is a last resort tool. 

Mr. Camilleri emphasized that should they be confronted with Wolff as the main candidate, then they would be happy to explain their position clearly to the people at Liberty Media, and would have a very constructive talk.

His comments were made at a press luncheon in Maranello.

Ferrari also made the announcement they are launching their new racer for Y 2020 on 11 February, and confirmed they have had talks with Lewis Hamilton concerning a potential move in Y 2021.

Mr. Camilleri added that he would be the 1 to choose the driver line up for the coming seasons, not Mr. Binotto. And that the current driver lineup, which has Charles LeClerc in a long term agreement with The Scuderia, while Sebastian Vettel’s contract expires at the end of Y 2020.

He went on to say, that Ferrari is flattered that world champion Lewis Hamilton would want to join them, but as it is now, it is premature to do anything about it considering the contractual circumstances.

Ferrari is the Aristocrat of the automotive sector.

Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.

HeffX-LTN overall technical outlook for RACE is Very Bullish, overhead resistance is 168.71, and Key support at 162.37, a Key indicators is Very Bullish (the stock is oversold) and the stock has established long term support ahead of this breakout.

Ferrari finished at 163.79, -2.43 Friday in NY.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I see it at 200+/share in that frame.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I see it at 200+/share in that frame.

Have a terrific weekend.

HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

Related Articles

Stay Connected

- Advertisement -spot_img

Latest Articles