Ferrari Hires Semiconductor Expert as CEO

[Asia Economy Reporter Yujin Cho] Italian luxury sports car maker Ferrari has appointed a semiconductor and electronics expert as its new Chief Executive Officer (CEO).

On the 9th (local time), according to US financial media CNBC and others, Ferrari announced that it has appointed Benedetto Vigna, formerly of European company STMicroelectronics, as its new CEO. Vigna will take over the currently vacant CEO position following the resignation of Louis Camilleri and will lead Ferrari starting this September.

CNBC interpreted this appointment as a move to respond to the paradigm shift toward electric vehicles. It is seen as placing CEO Vigna, who has expertise in electronics, to align with the changing landscape of the global automotive market, represented by electric and autonomous vehicles.

STMicroelectronics, headquartered in Geneva, Switzerland, is a company that produces industrial and automotive semiconductors and electronic products. Vigna has worked at this company for 26 years since 1995.

Philippe Houchois, an analyst at Jefferies, said, "This was a completely unexpected appointment," adding, "It seems that Ferrari, which is attempting a transformation close to reinvention, found it difficult to find a suitable candidate internally and thus sought external talent."

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