Ferrari has renamed Luca Cordero di Montezemolo as chairman and Amedeo Felisa as chief executive. Ferrari’s board of directors now has new members -- Harald Wester, Scott Garberding, Antonio Picca Piccon and Giorgio Fossati. They are replacing outgoing directors Gianni Coda, Christopher Gent, Paolo Monferino and Lindsay Owen Jones.
The chief executive of Fiat Chrysler Automobiles, Sergio Marchionne, remains on the board, along with three other executives: Richard Palmer, Marco Piccinini and Alfredo Altavilla. Ferrari is controlled by Fiat Chrysler. Piero Ferrari, the son of founder Enzo Ferrari, is still deputy chairman. The directors will serve for a three years from 2014-2016, Ferrari said in a statement following its annual shareholders meeting.
In the statement, Ferrari reported that it posted a 5-percent drop in vehicle sales in 2013 to 6,922 units, although it logged a 5-percent surge in revenues to EUR2.3 billion. Ferrari’s trading profit leaped 8 percent to EUR363.5 million and while net profit jumped 5 percent to EUR246 million. "Ferrari's strategy of keeping down the number of cars it builds to preserve their exclusivity and value over time has yielded excellent results," the statement said.