Italian newspaper La Gazzetta dello Sport has recently revealed that Ferrari president Sergio Marchionne intends to stay at the team until 2021, although the Italian-Canadian executive currently is also the CEO of Fiat Chrysler Automobiles, had previously stated that he would be retiring from the team at the end of 2018.
La Gazzetta dello Sport now suggests that Sergio Marchionne “will stay at Ferrari until at least 2021, even after his planned exit from Fiat Chrysler. The information cited official budget documents which reveal that Marchionne took no salary from Ferrari during the last year to go with his more than 10 million euro for running Fiat. The Italian publication also quoted from an internal letter written by the Ferrari president, in which Marchionne supposedly said: “2016 was a season to forget. But I know that with the new technical team led by Mattia Binotto under the leadership of Maurizio Arrivabene, as well as the talented drivers Kimi Raikkonen and Sebastian Vettel, we have all the right people in place for the new Formula 1 championship. The 2017 season is full of unknowns because of the many changes in the regulations and in management, so I refrain from making predictions, but what I can promise is that we will fight and that we have the drive, the commitment and the passion to return to the top” – Sergio Marchionne concluded.
Over the past three years, Sergio Marchionne has overseen the evolution of Ferrari from a niche brand that was part of Fiat Chrysler Automobiles into an independent company under the belief that the Italian company’s value and profits can expand substantially and exponentially now that it stands on its own. Fiat boss was named CEO of Ferrari last year as the automaker announced its most profitable quarter ever and reported a 15% increase in sales.