Ferrari’s announcement on Monday (Dec. 20) that three senior managers are leaving the company and a new corporate structure will debut in January comes just over three months after a new CEO joined the company on Sept. 1.
Perhaps reflecting the shape of cars to come, the background of that CEO, Benedetto Vigna, is in the semiconductor industry — an industry that is “rapidly transforming the automotive sector,” Ferrari noted in the June press release announcing that he’d be joining the company.
Similarly, in Monday’s announcement, the maker of exclusive sports cars said that the new corporate structure, which is to be revealed on Jan. 10, will “foster innovation, optimise processes and increase collaboration both internally and with partners.”
Read more: Ferrari Leadership Reorg to Focus on Innovation, Digital, New Tech
The shakeup is one of the first major moves made by Vigna, who joined the company with the task of transitioning its vehicles to electric power, Reuters reported.
Transitioning Vehicles to Electric Power
Ferrari’s Dec. 20 press release announcing the changes said that the new organizational structure will be “consistent with its strategic goals of exclusivity, excellence and sustainability.”
Prior to joining Ferrari, Vigna had been with semiconductor manufacturer STMicroelectronics (ST) since 1995. That company describes its range of products in a recent press release as follows: “Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and 5G technology.”
Ferrari says that Vigna, who graduated cum laude in physics, had responsibilities at ST over the years that included micro-electro-mechanical systems, motion-activated user interfaces, connectivity, imaging and power solutions.
“His deep understanding of the technologies driving much of the change in the industry, and his proven innovation, business-building and leadership skills, will further strengthen Ferrari and its unique story of passion and performance, in the exciting era ahead,” John Elkann, chairman of Ferrari, said in the press release about Vigna joining the automaker.
A Surprising Choice
CNBC reported in June that the appointment showed the automotive industry is looking to reinvent itself. The media outlet reported that Ferrari’s choice came as a surprise to many, considering his background was not in automotive.
In its report, CNBC quoted Jefferies analyst Philippe Houchois as saying, “The appointment is highly unexpected and, in our view, reflects the need to ‘reinvent’ Ferrari and the difficulty of securing candidates willing to take on the task.”
The appointment showed that Ferrari and its sports cars, as well as other automakers with long histories of producing internal combustion engines, are racing to incorporate new technologies including not only electric power but also connectivity and autonomous driving, Reuters noted when reporting on the appointment of the semiconductor industry veteran in June.
In the report, Reuters quoted Morgan Stanley analysts as saying, “A semis guy who did his thesis on quantum quarks and has hundreds of patents to his name … running Ferrari? We live in extraordinary times.”