company in September 2015 since he wouldn’t like the way the new chairman Sergio Marchionne manages the company.
We know that Mr Felisa played a key role in re-launching Ferrari together with former chairman Luca di Montezemolo.
Mr Felisa – a mechanical engineer who did not take part in the 2014 fight between Marchionne and Montezemolo - is
reportedly very appreciated by Sergio Marchionne, new Ferrari chairman since October 2014.
We know that Mr Felisa was recently asked to remain at Ferrari for another couple of years. The news of his step down
could have clearly negative consequences at a time when FCA plans to IPO a 10% Ferrari stake in October 2015 and
distribute the remaining 80% stake to FCA shareholders in Q1 2016.
We remind you that we value the Ferrari stake around EUR 5.3 per FCA share; our current target price when excluding
any M&A premium is EUR 16.8.