Europe

Marchionne named Ferrari's new CEO

Ferrari driver Kimi Raikkonen of Finland steers his car during the Formula One Russian Grand Prix at the Sochi Autodrom racetrack in Sochi, Russia, Sunday, May 1, 2016.(AP Photo/Ivan Sekretarev)

Ferrari driver Kimi Raikkonen of Finland steers his car during the Formula One Russian Grand Prix at the Sochi Autodrom racetrack in Sochi, Russia, Sunday, May 1, 2016.(AP Photo/Ivan Sekretarev)  (The Associated Press)

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.

Marchionne, who is also CEO of mass-market carmaker Fiat Chrysler Automobiles NV, replaces long-time CEO Amedeo Felisa, who is retiring after 26 years at Ferrari. Felisa will retain a Ferrari board seat.

The carmaker, based in the northern Italian city of Maranello, said shipments for the three months ending March 31 grew 15 percent to 1,882.

Revenues were up nearly 9 percent to 675 million euros.