Ferrari CEO Steps Down

Ferrari CEO Jean Todt steps down

Todt stays on to lead racing team

By Zack Newmark
March 19, 2008 3:03 PM
Filed Under: Corporate/Financial, European, F1, Ferrari, Motorsport

Ferrari CEO Jean Todt relinquished his position in front of shareholders at their annual meeting. Todt, who indicated to the Board of Directors that he was no longer interested in keeping the role, was voted out by his colleagues. In his stead, Amedeo Felisa will take over the cavallino rampante reins.

Todt had been CEO since 2006. He joined the company in 1993 as Director of GES, eventually becoming general manager in 2004. He will keep his position on the Board, and stay on as President of the Boars of Ferrari Asia-Pacific and Ferrari West Europe. Todt will continue representing Ferrari to the FIA World Council. Todt was very critical about how FIA handled the McLaren spy scandal during last year's racing season, saying in several interviews that if Ferrari had been busted for cheating they would have been heavily punished.

"One thing is certain: we at Ferrari can calmly look at ourselves in the mirror," he told Eurosport about the investigation. "Others cannot do the same thing."

Ferrari earned €1.67 billion in sales last year after delivering 6,465 cars.

At the meeting Todt said, "... a new phase of my life has now begun in which I will have more time to dedicate to myself and my other interests. Naturally I will continue to make a contribution to Ferrari in my institutional positions and in those which the President has chosen to entrust me."

New CEO Amedeo Felisa signed on to Ferrari in 1990 as Director of Product Development. The 62-year-old has steadily risen in rank at the company, becoming GM in 2006. Luca di Montezemolo will continue on as President of Ferrari S.p.A., with Piero Ferrari being re-appointed as Vice President.

Source: Ferrari

Press Release (Click to expand)

Ferrari Shareholders' Meeting: 18th March 2008
The Ferrari shareholders' Meeting was held today chaired by the President Luca di Montezemolo.

The Assembly approved the balance sheet and the management report which underlined the excellent results achieved by the Prancing Horse company in 2007, a year of great financial and sporting results.

The year 2007, as announced earlier this year, closed with a record balance: 1,668 million euro invoiced, 6,465 cars delivered to the final client and 266 million euro of ordinary management results are some of the main financial indicators together with the significant investment of 300 million euro in research and development for GT cars.

The Assembly also confirmed all the outgoing members of the Board of Directors for the three-year period 2008-2010. The Board is therefore composed as follows: Luca di Montezemolo, Piero Ferrari, Jean Todt, Amedeo Felisa, Alfredo Altavilla, Diego della Valle, Christopher Gent, Ferruccio Luppi, Sergio Marchionne, Paolo Monferino, Lindsay Owen-Jones, Marco Piccinini and Sergio Pininfarina.

The Board of Directors, in their immediately subsequent meeting, renewed the appointments of Luca di Montezemolo as President of Ferrari S.p.A and Piero Ferrari as Vice-President.

The Board, having taken note of Jean Todt's wish to relinquish his position as CEO, therefore nominated as CEO Amedeo Felisa, to date General Manager of the Maranello company.

Jean Todt, as well as being a member of the Board of Directors of Ferrari S.p.A, maintains his positions as President of the Boards of Directors of Ferrari Asia Pacific and of Ferrari West Europe, and will continue to represent Ferrari at the FIA World Council.

Jean Todt will furthermore be given special appointments directly by the President in the context of GT activities and Sports Management.

Ferrari thanks Jean Todt for the extraordinary human and professional contribution he has made over the last fifteen years of sporting success and great growth for the company of the Prancing Horse.

For his part, Jean Todt emphasized, "My commitment to the President had been to manage the company until the end of his mandate as President of Confindustria and to indicate the new director of the Sports Management. Having accomplished these tasks, a new phase of my life has now begun in which I will have more time to dedicate to myself and my other interests. Naturally I will continue to make a contribution to Ferrari in my institutional positions and in those which the President has chosen to entrust me."

Todt joined Ferrari in 1993 as Director of GES, in 2004 he became General Manager of Ferrari and then in 2006 took on the position of CEO. On January 1st of this year he handed over the position of Director of GES, which he had been holding temporarily, to Stefano Domenicali. Since Jean Todt arrived in Maranello, the Scuderia Ferrari has won 6 Drivers' world titles, 7 Constructors' world titles and 98 Grand Prix in Formula One.

The new CEO, Amedeo Felisa, a 62 year-old, born in Milan, joined Ferrari in 1990 as Director of Product Development. His professional growth has led him take on roles of ever-increasing responsibility culminating in 2006 with his appointment to General Manager and now his appointment to CEO.