New Ferrari CEO Benedetto Vigna gets more power to make Electric push

Ferrari NV is revamping its organizational structure and hiring managers with a technology background as new CEO Benedetto Vigna tries to put it on course for electrification.

Ferrari CEO Benedetto Vigna and team principal Mattia Binotto are seen in protective face masks. (REUTERS)

Ferrari NV is revamping its organizational structure and hiring managers with a technology background as new Chief Executive Officer Benedetto Vigna tries to put the iconic manufacturer on course for electrification.

Several divisions including product development, digital and data and compliance will now report directly to Vigna, Ferrari said Monday. While the carmaker promoted several internal managers, it also hired two executives from Vigna's former employer STMicroelectronics NV, suggesting the CEO is turning to trusted allies to aid his turnaround.

“We want to push the boundaries further,” Vigna said in a statement. “Our new organization will enhance our agility.”

Vigna is attempting to overhaul the company that's been slow to embrace batteries, with Ferrari slating the debut of its first fully electric vehicle for 2025. In contrast, Porsche's popular Taycan has been on the road since 2019. Still, the manufacturer reported better-than-expected earnings in the third quarter, avoiding the disruption from the semiconductor shortage that hammered output elsewhere.

Ferrari is close to striking new partnerships as Vigna seeks to tackle the deep technological shifts in the industry, according to a person familiar with the situation.

The carmaker is also negotiating longer running times for its energy-supply contracts to keep costs in check and is reviewing suppliers to ensure they're in line with Ferrari's 2030 carbon-neutrality target, the person said, asking not to be named because the talks are private.

Tech Hires

Vigna joined in September from STMicroelectronics, where he led the chipmaker's division that supplies key sensors used in Apple iPhones and automakers' navigation systems. 

Ferrari said Monday it hired from the chipmaker Ernesto Lasalandra to head research and development and Angelo Pesci to oversee purchasing and quality. The automaker also appointed Gianmaria Fulgenzi, a two-decade Ferrari veteran, as chief product development officer, and promoted Silvia Gabrielli to chief digital and data officer.

Investors are eager to hear about Vigna's strategy for the era of battery technology and digital services. Ferrari plans to share more details on its plans during a capital markets day in June. It will also start sales of its first-ever sport-utility vehicle, the Purosangue, this year.