Sergio Marchionne Says Ferrari CEO Amedeo Felisa will not Leave Post before IPO
On Saturday, Sergio Marchionne the CEO of parent company Fiat Chrysler Automobiles said that Amedeo Felisa, the Ferrari CEO will not leave his post prior to the luxury sports car manufacturer goes for its initial public offering that is scheduled later in the current year.
He said to the journalists, "He (Felisa) will not leave before the IPO and the question of succession is one we have to deal with not only with Felisa but with other key positions inside the group."
Marchionne for some time has been advocating for consolidations in the auto industry as he thinks that the car makers waste resources developing versions of cars with similar technology which could be reduced considerably if companies merged. In an April presentation which was called "Confessions of a Capital Junkie", he argued about the same.
The FCA, Chief Executive in a way has narrowed his focus on GM as a likely target for acquiring as both of them share a strategy of multi-brands. Moreover, GM unlike Ford Motor Co. does not have family shareholders for defending it. In the past there have been instances where GM and Fiat almost merged almost a decade back but the deal did not work out as GM pulled itself out of the deal.
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