Ferrari Replaces 4 Board Members, Retains Leadership

Fiat SpA's Ferrari unit has retained Luca di Montezemolo as chairman, Amedeo Felisa as CEO and Piero Ferrari as deputy chairman. It replaced four of its 13 directors.

The new board members, each of whom will serve a three-year term, are Scott Garberding, Giorgio Fossati, Antonio Picca Piccon and Harald Wester. They replace departing directors Gianni Coda, Christopher Gent, Lindsay Owen Jones and Paolo Monferino.

The company reports that revenue in 2013 grew 5% to a record €2.3 billion. Trading and net profits, also record highs, climbed 8% to €364 million and 5% to €246 million, respectively. Ferrari, which deliberately limited production to maintain brand exclusivity, sold 6,900 cars last year, down 5%.