Ferrari has turned to a tech executive to navigate the transition towards electrification in the automotive industry, appointing Benedetto Vigna as its new boss.
Vigna, a 52-year-old Italian national, currently leads the biggest division of chip maker STMicrolectronics’
His appointment fills a six-month vacancy at the helm of the luxury carmaker, where former Chief Executive Louis Camilleri retired in December citing personal reasons, after being in the role for nearly two and a half years.
The hiring of Vigna is one of the most significant appointments yet from the tech industry at a prominent carmaker and an indication of how quickly the industry’s shifts are playing out. At STMicro, Vigna helped pioneer screen-sensor technology in the iPhone 4 that’s now used in smartphones and vehicle navigation systems globally.
Vigna, currently running STMicro’s analog sensor group, its most profitable unit, will join Ferrari in September. He’ll replace John Elkann, Ferrari’s chairman, who’s been filling in as CEO on an interim basis since Louis Camilleri abruptly resigned in December. Vigna will take over a carmaker that’s been slow in committing to electric cars, a stance increasingly complicated by tightening regulations on emissions.
Choosing an executive with a strong background in sensors and software signals the Italian luxury carmaker is set to shift faster toward the tech industry, after previously measuring itself up against luxury-goods makers such as Hermes or LVMH. The appointment of an executive from a chipmaker also comes as automakers struggle with a severe shortage of semiconductors as economic activity resumes amid a fading pandemic.
Vigna’s “deep understanding of the technologies driving much of the change in our 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,” Elkann said in a statement.
In May, the automaker delayed longstanding earnings targets as it adjusts spending in response to the pandemic. Ferrari had aimed for 2022 profit of at least 1.8 billion euros ($2.2 billion) before interest, taxes, depreciation and amortization and now plans to achieve this and other goals a year later.
After a long period of operating largely detached from the market pressures affecting rivals, Ferrari has underperformed this year as Volkswagen AG and Daimler AG capitalized on growing enthusiasm for electric cars with enlarged lineups and accelerated sales expectations.
Vigna will start at Ferrari on Sept. 1, the company said, adding he was currently president of the Analog, Micro-electromechanical Systems and Sensors group, STM’s largest and most profitable operating business in 2020. Vigna, who is also a member of the STMicroelectronics Executive Committee, will leave the company on Aug. 31, the Franco-Italian chipmaker said in a separate statement.
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