In 2021, Ferrari’s CEO Benedetto Vigna took over with a vision of transforming the over 80-year-old company into one that can keep up with the changing times, particularly in the realm of electric vehicles. With a background in tech as a trained physicist and former executive at STMicroelectronics, Vigna aimed to streamline Ferrari’s operations and decision-making processes to foster innovation and agility.
To achieve this, Vigna implemented a flatter organizational structure within Ferrari, reducing the levels of hierarchy between the CEO and employees. This move was intended to facilitate faster decision-making and adaptation in an ever-changing business environment. Vigna’s tech-influenced leadership style emphasized the importance of nimbleness and efficiency, qualities typically associated with tech startups.
Vigna’s approach of reducing corporate bureaucracy at Ferrari has received positive feedback from investors, with the company’s stock price nearly doubling since he assumed his role. Additionally, Ferrari is gearing up to launch its first electric car by the end of 2025, a significant step in its evolution towards sustainability and innovation in the automotive industry. Vigna’s emphasis on smaller teams for enhanced productivity and learning has resonated well within the company, fostering a culture of collaboration and innovation.
