In 2021, Ferrari’s CEO Benedetto Vigna took over the company with a vision of transforming the 80-year-old business to 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.
Ferrari’s stock price nearly doubled since Vigna assumed his role, a positive outcome that has been attributed to his emphasis on smaller teams for enhanced productivity and learning. The company is also 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 approach has received positive feedback from investors due to his reduction of corporate bureaucracy at Ferrari. His focus on fostering collaboration and innovation has resonated well within the company culture, resulting in increased productivity and creativity among employees.
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