Yesterday Fiat Chrysler Automobiles announced it has decided to spin off its best product – Ferrari – but chief executive officer Sergio Marchionne said he would remain chairman of the brand after the process is completed.
The recently merged FCA owns 90% of Ferrari – a small sports car manufacturer that brings in huge profit – but the company has now decided to have it spun off the main Group. The plan calls for the Ferrari stock to be divided as follows: 10% would be listed on the Wall Street and maybe in Europe, 10% remains in possession of Piero Ferrari, vice chairman and son of the founder Enzo and the rest of 80% would be divided among FCA shareholders.
Asked if there would be any management changes after the sports car brand would spin off, Marchionne remarked that he would stay on with the automaker after the process is completed. The CEO of FCA recently declared that his role in the Group would be completed after the five-year business plan is finished in 2018, implying he is now considering retirement after that date.
After discussing the Ferrari plans, Marchionne said during the conference call with analysts that FCA has no current plans to also list any stakes in the Group’s brands, including Maserati – the closest peer to the luxury sports brand.