Ferrari’s (NYSE:RACE) Sergio Marchionne to Resign

Ferrari’s (NYSE:RACE) Sergio Marchionne to Resign

Ferrari’s (NYSE:RACE) Sergio Marchionne to Resign

$RACE, $FCAU, $PM

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.

Symbol Last Trade Date Change Open High Low Volume
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)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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