The news was confirmed by John Elkhann, COB/CEO of Exor (MI:EXO), an investment company controlled by the Agnelli family who controls Ferrari and other interests including Juventus F.C. Elkhann also Chairs and controls the automaker Fiat Chrysler Automobiles (FCA).
It appears that Mr. Marchionne will be completing work during Y 2018 but will step down by Y 2019.
The most likely candidate forMr. Marchionne’s replacement is FCA’s Chief operating officer for Europe, Middle East and Africa – Alfredo Altavilla, 53 anni, is favored by Elkhann within FCA (NYSE:FCAU).
In light of this change, perhaps we will finally see an end to the tobacco sponsorship that continues to linger on with Scuderia Ferrari.
Mr. Marchionne is a board member of the Philip Morris International Inc.(NYSE:PM), owners of Malboro Cigarettes, long term sponsor of the the iconic Italian F1 racing team.
|NYSE:RACE||72.61||6 April 2017||0.19||72.86||72.91||72.48||329,800|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Very Bullish (0.50)||Bullish (0.40)||Very Bullish (0.56)||Very Bullish (0.53)|