Things don't look good.
Ferrari makes some amazing vehicles, and its brand is known the world over. Cars like the F8 Tributo have made otherworldly performance easier to handle than ever, and with the Italian carmaker expected to reveal an SUV in the near future, you would think that it knows exactly what it's doing. But after CEO Louis Camilleri stepped down back in December, investors and fans have been patiently waiting for his successor to be announced, but with no joy. More worryingly, Ferrari's earnings have dropped 10 percent to €1.14 billion ($1.37 billion) in 2020. So what's going on with the world's most famous automaker?
Rumors are swirling as always, and the search for a new CEO has been difficult. But John Elkann, Ferrari Chairman and acting CEO, says that the automaker has set up a search committee to find the right successor to Camilleri. That's pretty much all he had to say on the matter, having been quoted by Reuters as saying "We want to take the necessary time to find the best possible CEO."
So what are the people at Ferrari looking for? Chief Financial Officer Antonio Picca Piccon wouldn't say. And this tight-lipped approach is worrying investors and analysts, especially after 2020 posed so many challenges that resulted in a drop in profits.
Nevertheless, before Camilleri stepped down, he said that Ferrari was set to enter 2021 with a very strong order book. More recently, Ferrari has said that production levels have recovered in line with plans in the second half of 2020. In addition, Picca Piccon says that orders for Ferraris were at record levels, showing growth of 22 percent compared to last year, covering the whole of 2021 and beyond. Cancellations of orders were also said to be well within the average and actually decreased during 2019. It seems that analysts of Ferrari's current situation are worried about the lack of leadership, but Ferrari itself is confident about the future. Guess we'll just have to trust that Maranello knows what it's doing and wait for the inevitable replacement to be announced.