Ferrari Hires New CEO from Electronics Industry – Sign of Things to Come?
By Edward A. Sanchez – June 9, 2021
There is perhaps no other name as synonymous with automotive performance and passion as Ferrari. Since its inception, the brand has been known for its race cars and pavement-dominating road cars. Heck, even its stock symbol says it (RACE). Its flat-plane V8 engines and bellowing 12-cylinders have some of the most unique aural signatures of any engines on the planet. Yet this brand that has historically had so much of its mystique wrapped up in its internal combustion powertrains and the unique character they gave to its cars, has just selected a 26-year veteran of the electronics and semiconductor industry as its newest CEO.
Benedetto Vigna comes to Ferrari from STMicroelectronics. That name may not mean a lot to you as a consumer or car guy/gal, as they’re not a consumer-facing brand in the sense that Apple, Samsung, Philips, or Sony is. However, in the area of microprocessors, and specifically in the area of automotive microprocessors, they’re an 800-pound gorilla. They have huge market share in automotive electronics and sensors.
The fact that one of the world’s premier automotive performance brands is turning to the electronics industry is telling. To be clear, in C-Suite circles, industry background is not always necessarily a prerequisite for getting a job at a new company. In mid-to-large size companies, there is sometimes a revolving door of CEO “suits” that come and go, collecting their serial golden parachutes, often bringing little more than bravado and appearances on the cover of Fortune and CNBC interviews. But Ferrari’s choice of Vigna seems much more deliberate.
Ferrari’s new CEO Benedetto Vigna brings with him 26 years of experience in the electronics and semiconductor industry. (Image courtesy Ferrari)
To borrow a phrase from California governor Gavin Newsom, EVs are coming “whether you like it or not.” Assuming countries are serious about their 2030-’40 ICE bans, Ferrari has a little less than a decade (and more like 5 to 6 years, if you count the R&D lead time) to get an EV to market. My guess is they’ve had some early-stage prototypes in development for a while. A few months ago, British enthusiast outlet Evo posted a story claiming Ferrari’s first production EV would hit the market in 2025. If true, development on that vehicle pre-dates Vigna’s arrival at Ferrari by at least a year or two. But you can bet now that he’s at the helm, and with a wealth of knowledge and connections in the electronics industry, those initiatives will be accelerated.
For many, the prospect of Ferrari eventually going full-EV is the final nail in the coffin of the internal-combustion engine. Symbolically, it may very well be. We’ve already seen diesels go full circle from workhorse to mainstream powerplant (in Europe and some other global markets, at least) reverting back to lowly industrial and commercial mill. Internal combustion may stick around for quite a while to come, but will probably remain in edge segments that aren’t as tightly regulated as passenger cars and light trucks.
But with the emergence of such cars as the Porsche Taycan Turbo S, the Rimac Nevera, the Lotus Evija, and other EV supercars either on the road or on the drawing board, it’s clear that the era of the legitimate, no-excuses “Performance EV” has arrived. Those nostalgic for the “good old days” of ICE may shed a tear, but for many Millennial or Gen-Z enthusiasts, EVs are shaping their experience of cars, and for them, EV doesn’t mean “golf cart” or “compliance car” but “fast, high-tech, and sexy.” Personally, I’m excited at what Vigna’s arrival at Ferrari might bring. I wish him the best in his new role. Buona fortuna, Signor Vigna.
(Main image by David Jewiss from Pixabay)
- Podcast - Facebook - Google News - Twitter -
