Ferrari to make ‘profound change’ as shareholder message revealed

Thomas Maher
Ferrari's John Elkann speaks with Carlos Sainz at the 2022 Miami Grand Prix.

Ferrari's John Elkann speaks with Carlos Sainz at the 2022 Miami Grand Prix.

Ferrari chairman John Elkann has promised shareholders that ‘profound changes are underway’ in order to return the Scuderia back to winning ways.

Shareholders of Exor have received a letter from CEO John Elkann revealing a key message of change is underway at Maranello.

The letter, which was sent to all Exor shareholders to address the financial state of affairs with the holding company, mainly focused on the Agnelli family’s involvement with Juventus, but Elkann, who also serves as Ferrari’s chairman, didn’t neglect to mention Ferrari.

In the official letter, Elkann acknowledged strong economic results for the brand, revealing the car manufacturer closed the year 2022 with record results, including a turnover of €5.1 billion (+19% on 2021) and an adjusted EBITDA of 1.8 billion euro.

Referring to the sporting side, Elkann made no direct reference to the poor start the Scuderia have made to the 2023 F1 season, but the message is clear: change is underway.

“Deep changes are underway between the walls of Maranello, particularly in strengthening sporting activity on the track,” he wrote. recommends

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“The desire to progress that our founder, Enzo Ferrari, had in his heart continues to keep Ferrari’s people humble and ambitious in shaping the future of the Prancing Horse.”

Elkann’s words come just days after his brother Lapo, a former non-executive director on the board of Ferrari N.V., lashed out at how the organisation is being run, seemingly taking aim at his brother’s control.

“Ferrari needs Seriousness and Winning Team in the Pits and Outside,” Lapo Elkann wrote. “It’s time to WAKE UP enough with politics and games like this WE WILL NEVER WIN ‼ ‼ ‼ ‼”

Neither Charles Leclerc nor Carlos Sainz has secured a podium finish yet in the 2023 Formula 1 season, with Leclerc scoring just six points from the first three races – the Monegasque retired from the season opener in Bahrain with a technical failure, before being caught up in a first lap racing incident in Australia.

One of the big changes made by the Scuderia in recent times was the appointment of Fred Vasseur to leadership of the F1 team, following the resignation of Mattia Binotto.