Marchionne named Ferrari's new CEO

May 2, 2016 1:53 PM

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Marchionne named Ferrari's new CEO

MILAN – Sports carmaker Ferrari NV says Sergio Marchionne has been named CEO, while retaining his position as chairman.

The move was announced Monday as Ferrari posted its best first-quarter earnings ever, a 19-percent increase in net profit to 78 million euros ($89.5 million). That compares with 65 million euros in the same period last year.

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