Benzinga | Jun 9, 2021 10:14AM EDT

Ferrari Appoints Tech Expert Benedetto Vigna as CEO

* Ferrari NV (NYSE:RACE) appointed Benedetto Vigna as Chief Executive Officer, effective 1st September.

* Vigna is the president of Analog, MEMS (Micro-electromechanical Systems), and Sensors Group at STMicroelectronics NV (NYSE:STM), a French-Italian electronics and semiconductors manufacturer, headquartered in Geneva.

* An Italian national, Vigna founded the ST's MEMS activities and established its market leadership in motion-activated user interfaces.

* "His 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 and its unique story of passion and performance, in the exciting era ahead," said Ferrari Chairman John Elkann.

* The appointment comes at a time when Ferrari is planning to its first-ever all-electric car in 2025.

* Price Action: RACE shares are trading lower by 1.97% at $214.50 on the last check Wednesday.