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Ferrari Names Chipmaker STMicro's Vigna CEO

Benedetto Vigna in September will take over as Ferrari's CEO. He was a key tech executive at Europe's largest chipmaker, STMicro.
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Sports-car icon Ferrari  (RACE) - Get Report named Benedetto Vigna, an executive at STMicroelectronics  (STM) - Get Report, Europe's largest semiconductor maker, to the post of chief executive. 

Vigna, 52, will join the Maranello, Italy, company in September.

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He will succeed Louis Camilleri, who stepped down in December for personal reasons. Camilleri had been in the position for 2 1/2 years after former CEO Sergio Marchionne died.

A 26-year veteran of STMicro, Vigna most recently was president of its analog, microelectromechanical systems and sensors group, the Swiss company's largest and most profitable division in 2020. He also sat on the parent's executive committee. 

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Vigna's "deep understanding of the technologies driving much of the change in our industry, and his proven innovation, business-building and leadership skills, will further strengthen Ferrari," Ferrari Chairman John Elkann said. 

Analysts at UBS were bullish on the move as the company looks to bolster its tech ahead of a possible showdown with the American electric-vehicle maker Tesla  (TSLA) - Get Report

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"We view this appointment as favorable in light of the ongoing challenges in the automotive industry," the investment firm said.

"As the path to electrification draws closer, the technological content within cars will likely increase and become an important differentiator, especially in a context where the traditional engine may be replaced by an electric power train," the firm said. 

It also noted that Vigna's reputation is strong with regard to a relationship with Apple  (AAPL) - Get Report, one of STM's "most important and demanding clients."

Shares of Ferrari at last check were off 2.8% at $212.62.