Ferrari’s (NYSE:RACE) Shareholders Approve Louis Camilleri as Its New CEO.

Ferrari’s (NYSE:RACE) Shareholders Approve Louis Camilleri as Its New CEO.

Ferrari’s (NYSE:RACE) Shareholders Approve Louis Camilleri as Its New CEO

$RACE

  • Ferrari to build a future as good as its past with new CEO

In July the iconic Italian Supercar maker Ferrari announced it had appointed board member Louis Camilleri as its new CEO, replacing Sergio Marchionne was seriously ill, and died a few days later.

An emergency meeting called after Mr. Marchionne’s health worsened, the Ferrari board also named John Elkann as Chairman and gave Mr. Camilleri powers to oversee the company’s operations.

Mr. Marchionne was both CEO and Chairman of Ferrari. He has also been replaced as Fiat Chrysler CEO.

A Ferrari shareholder meeting was called to approve his appointment and was held this Friday, 9 September

Mr. Marchionne was due to step down as head of Fiat Chrysler in Spring of Y 2019, but planned to stay on as Ferrari Chairman and CEO until Y 2021

On Friday, Ferrari’s (NYSE:RACE) shareholders officially approved Louis Camilleri as the new CEO. He’s been in that role since July when Sergio Marchionne died.

The company’s Chairman, John Elkann, said the future is bright, and will be as good as its past.

Under new CEO Louis Camilleri, Ferrari is determined to be as successful as it was under his predecessor Sergio Marchionne, the chairman of the Italian Supercar maker told a shareholder meeting to approve Mr. Camilleri’s appointment.

“Sergio Marchionne strengthened the foundations of Ferrari, now we can build on that for the future, which will be a bright future,” John Elkann said on Friday.

“Under the leadership of Mr. Camilleri, Ferrari is determined to build a future that is as good as its past,” he added.

Mr. Camilleri’s appointment won the backing of 98% in a shareholder vote.

Symbol Last Trade Date Change Open High Low Volume
NYSE:RACE 126.82 7 September 2018 0.39 126.2 128 125.96 245,475
HeffX-LTN Analysis for RACE: Overall Short Intermediate Long
Bearish (-0.29) Neutral (-0.10) Bearish (-0.28) Bearish (-0.47)

Have a terrific weekend

 

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