<p>Ferrari has turned to technology industry leader Benedetto Vigna to navigate the luxury sports car maker known for its roaring, high-octane engines through a new era of silent, electric powertrains.</p>.<p>Vigna, a 52-year-old Italian national, currently runs the biggest division of chipmaker STMicroelectronics (ST), where he has worked since 1995 and helped pioneer screen technology used in early Apple iPhones.</p>.<p>His appointment fills a six-month vacancy at the helm of the luxury carmaker after former Chief Executive Louis Camilleri retired nearly two and a half years into the job in December citing personal reasons.</p>.<p>Chairman John Elkann, the scion of Agnelli family which controls Ferrari through its investment firm Exor, said in a statement that the company was delighted to welcome a technology industry leader aboard.</p>.<p>"His deep understanding of the technologies driving much of the change in our industry, and his proven innovation, business-building and leadership skills, will further strengthen Ferrari and its unique story of passion and performance," he said.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/international/ferraris-for-the-people-luxury-goods-now-sold-in-fractions-985721.html" target="_blank">Ferraris for the people: Luxury goods now sold in fractions</a></strong></p>.<p>Ferrari, which already offers hybrid models, has promised to deliver its first electric car by 2025.</p>.<p>Pietro Solidro, an analyst at Bestinver said Vigna's appointment should reduce market concerns about Ferrari's future and its path towards its first electric vehicle.</p>.<p>"We believe that he will be able to further accelerate Ferrari's ability to remain ahead of the curve in next-gen technologies compared to the automotive sector," Solidoro said.</p>.<p>By 1415 GMT Ferrari shares were down 0.3% per cent compared with a 0.1 per cent drop in the Italian bourse blue-chip index.</p>.<p>Elkann has led the company on an interim basis since Camilleri stepped down.</p>.<p>In April, Elkann said Ferrari's new CEO should have "all the right qualities, including importantly the technological capabilities", playing down initial speculation that the new boss could have a background in luxury goods or retail.</p>.<p>Vigna is currently president of ST's Analog, Micro-electromechanical Systems and Sensors group, its largest and most profitable operating business in 2020. He will leave on Aug. 31, the chipmaker said in a statement.</p>.<p>He will start at Ferrari the next day.</p>.<p>Despite recently pushing back its 2022 financial targets by a year due to the coronavirus pandemic, Ferrari booked a profit last year and has not delayed its roll-out plan for new models.</p>.<p>Vigna, however, faces several challenges on top of leading the automaker into an era of electric mobility.</p>.<p>He will have to revive Ferrari's fortunes in Formula One after its worst racing season in 40 years in 2020.</p>.<p>He will also have to manage the company's new brand extension strategy without undermining the exclusivity that has supported its premium pricing and profit.</p>
<p>Ferrari has turned to technology industry leader Benedetto Vigna to navigate the luxury sports car maker known for its roaring, high-octane engines through a new era of silent, electric powertrains.</p>.<p>Vigna, a 52-year-old Italian national, currently runs the biggest division of chipmaker STMicroelectronics (ST), where he has worked since 1995 and helped pioneer screen technology used in early Apple iPhones.</p>.<p>His appointment fills a six-month vacancy at the helm of the luxury carmaker after former Chief Executive Louis Camilleri retired nearly two and a half years into the job in December citing personal reasons.</p>.<p>Chairman John Elkann, the scion of Agnelli family which controls Ferrari through its investment firm Exor, said in a statement that the company was delighted to welcome a technology industry leader aboard.</p>.<p>"His deep understanding of the technologies driving much of the change in our industry, and his proven innovation, business-building and leadership skills, will further strengthen Ferrari and its unique story of passion and performance," he said.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/international/ferraris-for-the-people-luxury-goods-now-sold-in-fractions-985721.html" target="_blank">Ferraris for the people: Luxury goods now sold in fractions</a></strong></p>.<p>Ferrari, which already offers hybrid models, has promised to deliver its first electric car by 2025.</p>.<p>Pietro Solidro, an analyst at Bestinver said Vigna's appointment should reduce market concerns about Ferrari's future and its path towards its first electric vehicle.</p>.<p>"We believe that he will be able to further accelerate Ferrari's ability to remain ahead of the curve in next-gen technologies compared to the automotive sector," Solidoro said.</p>.<p>By 1415 GMT Ferrari shares were down 0.3% per cent compared with a 0.1 per cent drop in the Italian bourse blue-chip index.</p>.<p>Elkann has led the company on an interim basis since Camilleri stepped down.</p>.<p>In April, Elkann said Ferrari's new CEO should have "all the right qualities, including importantly the technological capabilities", playing down initial speculation that the new boss could have a background in luxury goods or retail.</p>.<p>Vigna is currently president of ST's Analog, Micro-electromechanical Systems and Sensors group, its largest and most profitable operating business in 2020. He will leave on Aug. 31, the chipmaker said in a statement.</p>.<p>He will start at Ferrari the next day.</p>.<p>Despite recently pushing back its 2022 financial targets by a year due to the coronavirus pandemic, Ferrari booked a profit last year and has not delayed its roll-out plan for new models.</p>.<p>Vigna, however, faces several challenges on top of leading the automaker into an era of electric mobility.</p>.<p>He will have to revive Ferrari's fortunes in Formula One after its worst racing season in 40 years in 2020.</p>.<p>He will also have to manage the company's new brand extension strategy without undermining the exclusivity that has supported its premium pricing and profit.</p>