Ferrari chairman John Elkann reveals "profound changes are underway in Maranello"

Ferrari chairman John Elkann reveals “profound changes are underway in Maranello”. John Elkann on "profound changes".

Profound changes
“Profound changes are underway within the walls of Maranello, in particular in strengthening the sporting activity on the track“. A few words, hidden in other reasoning of a mainly financial type, which however may be a sign of what Prancing Horse fans should expect in the near future. This is the thought of the president of Ferrari, John Elkann, expressed in a very long letter sent to all Exor shareholders to take stock of what happened in 2022 within the financial holding controlled by the Agnelli family. In his letter John Elkann obviously dealt with the most diverse topics, starting with the complex situation of Juventus, without however neglecting some important considerations linked to Ferrari.

Top level technicians to arrive in Maranello?
In his official communication, the president first of all expressed his satisfaction with the economic results obtained by the company: “Ferrari – we read – closed the year with record results, including a turnover of 5.1 billion euros (+19% compared the previous year) and an adjusted EBITDA of 1.8 billion euros (35% margin)”. In addition to the financial aspect, however, there was no lack of reference to the sporting one. No direct mention to the unsatisfactory results scored in this start of the 2023 Formula 1championship, but the clear indication of wanting to embark on a new direction. A message that goes hand in hand with the “green light” that arrived a few days ago on the hunt for new engineers.

Family matters
In his message, John Elkann also wanted to mention the founder, Enzo Ferrari, taking care to underline how his mentality and his spirit continue to live on in the men and women who proudly wear the colors of the Prancing Horse. Below is the entire extract of the letter to shareholders which specifically concerns Ferrari and the sports area. In this context, it is fair to remember that criticism – albeit indirect – of John Elkann and his management of Ferrari had also come, via Twitter, from his brother Lapo.

The complete extract of the letter to the Exor shareholders
“Ferrari closed the year with record results, including revenues of €5.1 billion (+19% year-over-year) and adjusted EBITDA of €1.8 billion (35% margin). . While profound changes are underway within the walls of Maranello, in particular to strengthen the competitive activity on the track and to develop the lifestyle lines on the catwalks, the will to progress that our founder, Enzo Ferrari, had in his heart continues to maintain the Ferrari people humble and ambitious in shaping the future of the Prancing Horse”.