Ferrari Names Sergio Marchionne CEO

Ferrari NV on Monday said Sergio Marchionne will replace Amedeo Felisa as its chief executive—putting him in charge of the luxury sports car maker his company spun off less than a year ago.

Mr. Marchionne will keep his chairman title at Ferrari and Mr. Felisa, who is retiring after leading the company for 26 years, will continue to serve on the board.

Ferrari began trading publicly on the New York Stock Exchange in October, and Fiat Chrysler Automobiles NV—of which Mr. Marchionne is also the CEO—distributed its remaining 80% stake in the company to shareholders in January.

Also Monday, the Italian auto maker reported its profit grew 20% in the most recent quarter.

For the quarter ended March 31, Ferrari posted a profit of €78 million, or €0.41 a share, up from €65 million, or €0.34 a share, a year earlier. Revenue rose 8.8% to €675 million.

Ferrari sold 1,882 cars in the quarter, up 15% from the period a year ago.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

May 02, 2016 11:05 ET (15:05 GMT)

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