Ferrari's decision to part ways with Chief Marketing and Commercial Officer Enrico Galliera comes as a direct consequence of the company's market value plummeting 8% following the unveiling of its first all-electric vehicle, the Luce. The luxury car manufacturer has announced that Galliera, who had been with Ferrari for 16 years, will be replaced by Massimiliano Di Silvestre in July, after a tenure marked by significant contributions to the company's growth and brand strengthening worldwide.
The timing of Galliera's departure is striking, particularly considering his extensive involvement in pivotal moments for the brand. As Chief Marketing and Commercial Officer, he played a key role in the launch of the LaFerrari in 2013 and oversaw Ferrari's listings on the New York Stock Exchange in 2015 and the Milan stock exchange the following year. His responsibilities included managing the exclusive client list for purchasing Ferrari's highly sought-after vehicles.
While Ferrari has expressed gratitude for Galliera's service and wished him well, the context of his departure is notable. The Luce, priced at approximately £485,552, was intended to mark a new era for Ferrari but instead presented challenges for the iconic Italian marque. Its design, reportedly a concept from iPhone designer Sir Jony Ive, drew sharp criticism from various quarters, including Ferrari's former chairman and Italy's Deputy Prime Minister and Transport Minister, Matteo Salvini.
The backlash against the Luce highlights the difficulties Ferrari faces in transitioning to an electric-only future while maintaining its luxury brand reputation. The company's decision to part ways with Galliera may signal a recognition of the need for fresh perspectives in navigating these challenges and restoring market confidence.