FERRARI N V - Proxy report- 07/09/2018
The EGM (item 2) is called to ratify the appointment of Mr. Louis Camilleri as Group CEO, in place of Mr. Sergio Marchionne, who died on July 25. The positions of Chairman and CEO were formally separated after the death of Mr. Marchionne, through appointment of Mr. John Elkann (CEO of the controlling shareholder Exor) as nonexecutive Chairman.
Senior Non-Executive Director of Ferrari since 2015, Mr. Camilleri is the former Chairman-CEO of Philip Morris International (2008-2013), which he joined in 1978 and where he still serves as non-executive Chairman. He also serves as a non-executive Director at the Mexican telecommunications company America Movil.
Concerns may arise over the lack of experience of Mr. Camilleri in the automotive business. However, in our opinion he has the right skills in leading the Company through a transition period: Ferrari was spun off from the Fiat Group in 2016 and it is considering to expand its business to utility vehicles, as confirmed by Mr. Marchionne at the 2018 Detroit Motor Show. Therefore, we recommend approval.
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