Ferrari Replaces Ailing CEO and Chairman Marchionne; Maintaining EUR 62 FVE
Wide-moat-rated Ferrari has announced that, due to complications after surgery, CEO and chairman Sergio Marchionne is "unable to return to work." The board of directors has elected John Elkann as chairman and, pending shareholder approval, Louis Camilleri as CEO. In the interim, the board has granted Camilleri the authority to "ensure continuity of the company's operations." This 1-star-rated stock currently trades at a 93% premium to our EUR 62 fair value estimate.Elkann is the great great-gra...
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