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Amedeo Felisa

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Amedeo Felisa
Born1946
Milan, Italy
NationalityItalian
EducationDegree in mechanical engineering, Polytechnic University of Milan
OccupationAutomotive engineer and business executive
CompanyFerrari; Aston Martin
TitleChief Executive Officer of Ferrari (2008 to 2016); Chief Executive Officer of Aston Martin (2022 to 2024)

Amedeo Felisa (born 1946) is an Italian mechanical engineer and automotive executive who was chief executive officer of the Italian sports car maker Ferrari from 2008 to 2016 and chief executive officer of the British carmaker Aston Martin from May 2022 to September 2024.[1][2] He spent most of his working life inside the Fiat group, first at Alfa Romeo from 1972 and then at Ferrari from 1990, where he rose from technical management to the top executive post.[3]

Felisa trained as an engineer at the Polytechnic University of Milan and worked in research and product development at Alfa Romeo for nearly two decades.[3] At Ferrari he oversaw the technical and product development departments in the early 1990s, ran the company's GT (road car) department, and became general manager in 2006.[4] In March 2008 the Ferrari board named him chief executive in succession to Jean Todt, working under chairman Luca Cordero di Montezemolo and, from late 2014, under chairman Sergio Marchionne.[1][4]

As chief executive, Felisa led Ferrari through its separation from Fiat Chrysler Automobiles and its listing on the New York Stock Exchange on October 21, 2015.[4] He retired as chief executive on May 2, 2016, when Marchionne took on the role in addition to the chairmanship, and he stayed on Ferrari's board as a technical adviser and later as a non-executive director until April 2019.[5][6]

Felisa joined the board of Aston Martin Lagonda Global Holdings as an independent non-executive director on July 8, 2021, and became the company's chief executive on May 4, 2022, replacing Tobias Moers.[7][8] During his time in charge, Aston Martin launched the DB12 and a new generation of front-engined sports cars, raised £654 million in new equity, and signed a technology supply agreement with Lucid Group for electric powertrains.[9][10] The company announced on March 22, 2024 that he would retire, and he stepped down from the board on September 1, 2024, when Adrian Hallmark took over.[2]

Early life and education

Felisa was born in Milan in 1946.[3][4] A Ferrari biography summarised by Autocar in 2015 stated that he graduated in mechanical engineering from the Polytechnic University of Milan.[3] Filings with the U.S. Securities and Exchange Commission by Ferrari and the annual reports of Aston Martin also record Felisa's degree in mechanical engineering from the Milan Politecnico.[11][7] The sources consulted do not report the year of his graduation or details of his family background.

Career

Alfa Romeo (1972 to 1990)

Felisa began his career in 1972 in the innovation and experimentation department of Alfa Romeo, then a state-owned carmaker that later became part of the Fiat group.[3] Felisa became head of product development at Alfa Romeo in 1987.[3] A 2016 company filing described Felisa as a product development team leader at Alfa Romeo S.p.A. before his move to Maranello.[11] Autoblog later summarised his background as "some form of Fiat for nearly 50" years, counting his two decades at Alfa Romeo and his 26 years at Ferrari.[12]

Ferrari technical management (1990 to 2006)

Felisa joined Ferrari in 1990. The company's March 2008 announcement of his appointment as chief executive said he had joined as director of product development, while Autocar and evo described his first role as technical director.[1][3][13] According to the company's 2015 annual filing, in the 1990s Felisa served as a technical senior vice president and "oversaw the planning, coordination and management of the entire technical department", including defining new business model plans and supervising the development of innovations and products.[4] Aston Martin's 2021 annual report dated this technical senior vice president role from 1990 to 1995.[7]

Felisa then took charge of the GT department, which was responsible for the road cars. The dates given differ by source. The company's U.S. filings state that Felisa was general manager of the GT department from 1996 to 2004, "coordinating the product development, powertrains and vehicle departments of both Ferrari and Maserati with respect to the market positioning of the two brands", at a time when Maserati was also controlled by Ferrari.[4] The biography on the company website, as reported by Autocar in 2015, gave July 2001 as the date he became general manager of the Gran Turismo department, and Autoblog likewise wrote that he took charge of the road car division in 2001.[3][12]

In June 2004 Felisa was appointed deputy general manager of the company while keeping his role as general manager of Gran Turismo, according to the same Ferrari biography.[3] Felisa became general manager of the company in 2006.[1][3] Jean Todt, who had been general manager since 2004 and chief executive since 2006, gave up the general manager role to Felisa that year.[1]

Chief Executive Officer of Ferrari (2008 to 2016)

On March 18, 2008, at the meeting that followed the annual shareholders' meeting, the board took note of Todt's wish to give up the chief executive post and named Felisa, then general manager, as chief executive officer.[1] The shareholders' meeting had renewed the 13-member board for the 2008 to 2010 period, with Felisa among the directors alongside Montezemolo, Piero Ferrari, Todt and Marchionne.[1] The announcement described Felisa as 62 years old and born in Milan.[1] In the year before Felisa took over, the company had reported revenues of €1,668 million and 6,465 cars delivered to customers.[1]

Felisa's period as chief executive covered the second half of Montezemolo's chairmanship and the first years of Marchionne's. In May 2013 the company announced a decision to limit the number of cars sold to about 7,000 a year "in order to maintain a reputation of exclusivity among purchasers of our cars", and it described its approach in 2014 and 2015 as a continuation of that low-volume strategy.[4] CAR magazine wrote in 2016 that Felisa had presided over the launch of the hybrid LaFerrari and the move to turbocharged V8 engines in models such as the 488 GTB.[14] By the end of 2015 the range consisted of the 488 GTB, 488 Spider, F12berlinetta, F12tdf, California T, FF and the newly unveiled GTC4Lusso, along with the limited-edition LaFerrari.[4]

Montezemolo left the company in October 2014 and Marchionne replaced him as chairman.[3][14] In July 2015, as the company prepared its initial public offering, the Italian website Autoblog.it reported that Felisa had resigned. The company told Autocar that it did "not comment on speculation or rumour", and Autocar noted that Felisa was said to be close to Montezemolo.[3] Felisa remained in post. When the board of the new holding company Ferrari N.V. took office on October 21, 2015, Felisa was named chief executive officer and executive director, with Marchionne as chairman.[4] That day, the common shares began trading on the New York Stock Exchange under the ticker "RACE"; after the offering, FCA owned about 80 percent of the company, and the distribution of FCA's remaining stake to its shareholders was completed on January 3, 2016.[4] In the 2015 annual report, the company listed the loss of senior management as a business risk and stated that its management team "particularly benefits from the leadership of our CEO, Amedeo Felisa, who brings over 40 years of automotive technical experience".[4]

On May 2, 2016, the company announced Felisa's retirement as chief executive "after 26 years of dedicated service", effective immediately. Marchionne assumed the chief executive's responsibilities while remaining chairman.[5] Marchionne said: "He is beyond any doubt one of the best automotive engineers in the world. During the last 26 years, he has worked tirelessly to fuel and guide Ferrari's technical development, producing an array of cars which have set the standard for both performance and styling."[5] Autoblog noted that rumours of his departure had persisted, and that Felisa would remain on the board as a technical adviser, "just as Todt did before him".[12] The announcement coincided with first-quarter results for 2016, in which it reported 1,882 cars sold and revenue up 9 percent to €675 million.[14]

Ferrari director (2016 to 2019)

After stepping down, Felisa stayed on the Ferrari N.V. board as an executive director under a specific consultancy contract until the annual general meeting of April 14, 2017. He then served as a non-executive director.[11][15] The 2019 annual filing records that he and Lapo Elkann were non-executive directors from January 1 to April 12, 2019, which marked the end of Felisa's service on the board.[6]

During this period, Felisa took on other roles. The 2021 and 2022 annual reports of Aston Martin listed Felisa's external appointments as chairman of Atop S.p.A. and senior adviser to the chairman of IMA Group.[7][16]

Aston Martin non-executive director (2021 to 2022)

Aston Martin Lagonda Global Holdings appointed Felisa as an independent non-executive director on July 8, 2021, together with Natalie Massenet and Marigay McKee. The appointments brought independent directors back to at least half of the board, as the UK Corporate Governance Code recommends.[7] Felisa joined the board's audit and risk committee on arrival, and on January 17, 2022 he became chair of a newly formed product strategy committee. Its members included executive chairman Lawrence Stroll, chief executive Tobias Moers and chief creative officer Marek Reichman.[7] The 2021 annual report described Felisa as bringing "extensive automotive industry and technical and commercial experience", and recorded that he held 2,000 shares in the company at the end of 2021.[7] Felisa was paid £34,000 in fees for his board service in 2021.[7]

Chief Executive Officer of Aston Martin (2022 to 2024)

On May 4, 2022, the company announced that Moers was stepping down as chief executive with immediate effect and that Felisa would replace him. That made Felisa the company's third chief executive in three years.[8] The same announcement named Roberto Fedeli, another former Ferrari executive, as chief technical officer from June 1, 2022.[8][13] Stroll said Felisa had "extensive knowledge of both Aston Martin's business and the wider automotive industry with an excellent track record and previous experience of leading a major ultra-luxury car manufacturer".[8] The Guardian reported that Felisa would oversee the electrification of Aston Martin's range and reorganise the company's structure.[8] Felisa took over as the company was losing money: pre-tax losses in the first quarter of 2022 had almost tripled to £112 million on revenue of £232 million.[8]

In his first results presentation as chief executive, in July 2022, Felisa said that "the first phase of our journey is complete" and that the company "must now ensure we execute on our targets". Felisa said he saw potential to build on Project Horizon, the company's existing transformation plan, "to optimise our operational capabilities, reduce complexities and cost".[17] Stroll told investors on the same call that the chief technical officer's organisation had been separated from its previous structure and that four new engineering leaders had been brought in.[18]

In the 2022 annual report, Felisa said that his immediate priorities had been to focus the organisation on its 2022 targets, deliver volumes of the DBX707 sport utility vehicle and raise the build rate of the Aston Martin Valkyrie hypercar. He also said he had introduced "a new organisational structure for engineering with increased cross-functional teams".[16] The company delivered 6,412 wholesale vehicles in 2022, up 4 percent, and revenue rose 26 percent to £1,381.5 million. It reported a loss before tax of £495.0 million, which the company attributed largely to a £156 million non-cash foreign-exchange revaluation of its dollar debt.[9]

In 2023 the company launched the DB12, the first of its new generation of sports cars, followed by a new Vantage. Felisa acknowledged in the 2023 annual report that "readiness and EE platform integration issues caused initial production ramp up delays of DB12" in the third quarter, which led to lower wholesale volumes than expected for the year.[19] Felisa described his priorities since becoming chief executive as falling into "three key areas; our product, processes, and people".[19] In 2023 the company launched new company values and its first all-employee share plan, "Sharing Success", which awarded 425 free shares to each of 2,541 employees.[19]

On March 22, 2024, the company announced that Felisa would retire and that Adrian Hallmark, then chief executive of Bentley, would join as chief executive.[2] In July 2024 the company confirmed that Hallmark's appointment would take effect on September 1, 2024.[20] Felisa stepped down as chief executive and as an executive director on September 1, 2024. Under his 12-month notice period Felisa stayed employed to support the handover until December 31, 2024.[2] In the 2024 annual report, the board thanked Felisa, "who led an important phase in Aston Martin's portfolio evolution, overseeing the introduction of our new and reinvigorated core range of models", and Stroll paid tribute to "his long and distinguished career".[2]

Leadership and management style

Felisa's public statements as chief executive at Aston Martin stressed people, internal collaboration and supplier relationships. In the 2022 annual report he said that when he was appointed, "I stood on our factory floor and told all our employees that people would be my greatest focus", and that the company needed "to create more cohesion, encourage cross-functional collaboration and optimise ways of working".[16] Felisa said he had "personally overseen many of the measures to mitigate the supply chain and logistical challenges" in 2022. Felisa also described a "long-standing belief that a business such as ours must forge incredibly strong relationships across the supply chain and seek to create strategic partners, not simply suppliers".[16]

On product strategy, Felisa told analysts in July 2022 that the DBX707 had been "a good test because we understood that the Aston Martin customers are not only the one that likes the style, super luxury and elegance, but they like also performance", and that future models, including electric ones, would continue in that direction.[18] On electrification he said the company was evaluating the powertrain proposal from its shareholder Mercedes-Benz but was "not looking only on Mercedes, because at the end of the day the best idea is to have a comparison with other proposals".[18]

Felisa's career at Ferrari was mainly technical. Company filings described his work as overseeing technical departments, product development teams and the coordination of powertrain and vehicle development across Ferrari and Maserati.[4] Marchionne called Felisa "one of the best automotive engineers in the world" when he retired as Ferrari's chief executive.[5] The 2022 annual report of Aston Martin said the company expected to benefit from "his engineering and product development expertise as we work towards our roadmap to electrification".[16]

Major deals and strategic decisions

Ferrari separation and listing (2015 to 2016). Felisa was chief executive of Ferrari during the restructuring that separated it from Fiat Chrysler Automobiles. The process included a capital reorganisation under the new holding company, an initial public offering of about 10 percent of the shares on the New York Stock Exchange on October 21, 2015, and the distribution of FCA's remaining interest to its shareholders, completed on January 3, 2016.[4] Marchionne, as chairman, led the decision to spin off the company, according to CAR magazine.[14]

Ferrari production cap (2013). In May 2013, during Felisa's tenure, the company announced that it would limit sales to about 7,000 cars a year to preserve exclusivity.[4]

Aston Martin equity raise (2022). In July 2022 the company announced a £654 million equity capital raise, completed in September 2022. In connection with it, the Public Investment Fund of Saudi Arabia became the company's second-largest shareholder. The company used the proceeds to reduce debt, including a $200 million tender offer for its senior secured notes in October 2022.[9] In the 2022 annual report, Felisa said the raise had been "led by our Chairman Lawrence Stroll".[16]

Geely investment (2023). In May 2023 the board approved the issue of 28 million new shares to Geely at 335 pence each, raising £95 million. Geely gained the right to appoint a shareholder representative director, and the group became the third-largest shareholder.[19]

Lucid supply agreement (2023). On June 26, 2023, the company announced a supply agreement with Lucid Group for access to powertrain components for future battery-electric models. The agreement was part-settled in shares issued to Lucid in November 2023, and the company recognised an asset of £188.5 million. Because the Public Investment Fund was a substantial shareholder in both companies, it was treated as a related-party transaction.[10]

Financial and market performance

Ferrari

The annual filing for 2015 reported the following results for the later years of Felisa's tenure.[4]

Year Net revenues (€ million) EBIT (€ million) Net profit (€ million) Shipments (cars) Average employees
2011 2,067 298 196 7,195 2,709
2012 2,225 335 233 7,405 2,708
2013 2,335 364 246 7,000 2,774
2014 2,762 389 265 7,255 2,843
2015 2,854 444 290 7,664 2,954

For comparison, the company reported revenues of €1,668 million and 6,465 cars delivered in 2007, the year before Felisa became chief executive.[1]

Aston Martin

The company reported the following results for the full years in which Felisa was chief executive. Felisa took office in May 2022 and stepped down in September 2024.[9][10]

Year Wholesale volumes Revenue (£ million) Adjusted EBITDA (£ million) Loss before tax (£ million) Net debt (£ million)
2021 6,178 1,095.3 137.9 213.8 891.6
2022 6,412 1,381.5 190.2 495.0 765.5
2023 6,620 1,632.8 305.9 239.8 814.3

In 2023 gross margin rose to 39.1 percent from 32.6 percent and total average selling price reached £231,000.[10] In the first half of 2024, Felisa's last full reporting period, wholesale volumes fell 32 percent to 1,998 and revenue fell 11 percent to £603.0 million as the company moved between model generations. Net debt was £1,193.8 million at June 30, 2024.[20]

Remuneration

At Ferrari, Felisa's total compensation for 2015, covering all his services in the group, was €2,664,477, including a base salary of €1,105,819.[4] For 2016 he received €6,750,315, including €814,000 in salary for his time as chief executive, €167,000 under his consultancy contract and €5.5 million for a retirement package.[11]

At Aston Martin, Felisa's salary as chief executive was set at £875,000 in 2022, the same as his predecessor's, and rose to £900,000 from January 1, 2023. Felisa also received a relocation allowance of £50,000 a year.[16] Felisa's single total figure of remuneration was £756,000 for May to December 2022, £2,891,000 for 2023 and £1,098,000 for January to August 2024.[16][2] Felisa's tailored 2022 long-term incentive award, worth 300 percent of salary and tied only to the company's share price over two years, lapsed in full because the share price did not reach the threshold of £3.71.[2] After his employment ended, Felisa received £616,667 in lieu of the unserved part of his notice period. The remuneration committee treated Felisa as a "good leaver" for his outstanding share awards, and the company stated that no payments for loss of office were made.[2]

Board memberships and outside roles

  • Ferrari S.p.A. and Ferrari N.V.: director from at least 2008, named among the board members renewed for 2008 to 2010; executive director of Ferrari N.V. from October 21, 2015; non-executive director from April 14, 2017 to April 12, 2019.[1][15][6]
  • Aston Martin Lagonda Global Holdings plc: independent non-executive director from July 8, 2021, chair of the product strategy committee from January 2022, and executive director from May 4, 2022 to September 1, 2024.[7][2]
  • Atop S.p.A.: chairman, as listed by Aston Martin in 2021 and 2022.[7][16]
  • IMA Group: senior adviser to the chairman, as listed by Aston Martin in 2021 and 2022.[7][16]

Controversies

The 2023 directors' remuneration report of Aston Martin disclosed that Felisa and other members of the leadership team had been commuting weekly from their homes in Italy to the company's UK sites. During 2023 the remuneration committee approved the company paying for private flights for that commute, including the tax due, and reimbursing the cost of Felisa's flights back to his appointment in 2022.[19] The flights cost £814,000 for 2023 and £369,000 for 2022. Both sums were included in his 2023 benefits of £1,288,000, which made benefits the largest single item in his £2,891,000 total for the year.[19] The committee justified the arrangement on the grounds of time saved, productive working, privacy, flexibility and convenience.[19] At the 2024 annual general meeting, the remuneration report for 2023 was approved with 90.60 percent of votes for and 9.40 percent against.[2] The company stated in its 2024 report that the flights had ended when Felisa stepped down and that it expected to meet no further such costs.[2]

In July 2015, unconfirmed Italian press reports that Felisa had resigned from Ferrari, shortly after Marchionne replaced Montezemolo as chairman, prompted the company to decline comment on "speculation or rumour". Felisa stayed in the post for another ten months.[3][5]

Personal life

Felisa's home is in Italy. The company reported that during his time as chief executive he commuted weekly from Italy to the company's sites in the United Kingdom.[19] The company paid him a relocation allowance of £50,000 a year for that role.[16] Felisa's shareholding in Aston Martin grew from 2,000 shares at the end of 2021 to 145,497 shares when he left the board in 2024. Felisa was required to keep the shares he held at September 1, 2024 until August 31, 2026.[7][2] The sources consulted do not report details of his family.

See also

References

  1. ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 <ref>"Breaking: Jean Todt steps down as Ferrari CEO".Autoblog.March 18, 2008.Retrieved October 29, 2026.</ref>
  2. ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 2.11 <ref>"Annual Report and Accounts 2024".Aston Martin Lagonda Global Holdings plc.2025.Retrieved October 29, 2026.</ref>
  3. ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 3.12 <ref>"Ferrari boss Amedeo Felisa reported to have resigned".Autocar.July 16, 2015.Retrieved October 29, 2026.</ref>
  4. ↑ 4.00 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 4.09 4.10 4.11 4.12 4.13 4.14 4.15 <ref>"Ferrari N.V. Annual Report on Form 20-F for the fiscal year ended December 31, 2015".U.S. Securities and Exchange Commission.February 25, 2016.Retrieved October 29, 2026.</ref>
  5. ↑ 5.0 5.1 5.2 5.3 5.4 <ref>"Ferrari announces CEO succession".Ferrari N.V..May 2, 2016.Retrieved October 29, 2026.</ref>
  6. ↑ 6.0 6.1 6.2 <ref>"Ferrari N.V. Annual Report on Form 20-F for the fiscal year ended December 31, 2019".U.S. Securities and Exchange Commission.February 18, 2020.Retrieved October 29, 2026.</ref>
  7. ↑ 7.00 7.01 7.02 7.03 7.04 7.05 7.06 7.07 7.08 7.09 7.10 7.11 <ref>"Annual Report and Accounts 2021".Aston Martin Lagonda Global Holdings plc.2022.Retrieved October 29, 2026.</ref>
  8. ↑ 8.0 8.1 8.2 8.3 8.4 8.5 <ref>"Aston Martin appoints third CEO in three years as Tobias Moers steps down".May 4, 2022.Retrieved October 29, 2026.</ref>
  9. ↑ 9.0 9.1 9.2 9.3 <ref>"Preliminary results for the 12 months to December 31, 2022".Aston Martin Lagonda Global Holdings plc.March 1, 2023.Retrieved October 29, 2026.</ref>
  10. ↑ 10.0 10.1 10.2 10.3 <ref>"Preliminary results for the twelve months ended December 31, 2023".Aston Martin Lagonda Global Holdings plc.2024.Retrieved October 29, 2026.</ref>
  11. ↑ 11.0 11.1 11.2 11.3 <ref>"Ferrari N.V. Annual Report on Form 20-F for the fiscal year ended December 31, 2016".U.S. Securities and Exchange Commission.March 3, 2017.Retrieved October 29, 2026.</ref>
  12. ↑ 12.0 12.1 12.2 <ref>"Ferrari names Marchionne CEO after Amedeo Felisa retires".Autoblog.May 2, 2016.Retrieved October 29, 2026.</ref>
  13. ↑ 13.0 13.1 <ref>"Tobias Moers steps down as CEO, Aston Martin appoints ex-Ferrari boss".evo.May 4, 2022.Retrieved October 29, 2026.</ref>
  14. ↑ 14.0 14.1 14.2 14.3 <ref>"Ferrari CEO Amedeo Felisa retires".CAR magazine.May 3, 2016.Retrieved October 29, 2026.</ref>
  15. ↑ 15.0 15.1 <ref>"Ferrari N.V. Annual Report on Form 20-F for the fiscal year ended December 31, 2017".U.S. Securities and Exchange Commission.February 23, 2018.Retrieved October 29, 2026.</ref>
  16. ↑ 16.00 16.01 16.02 16.03 16.04 16.05 16.06 16.07 16.08 16.09 16.10 <ref>"Annual Report and Accounts 2022".Aston Martin Lagonda Global Holdings plc.2023.Retrieved October 29, 2026.</ref>
  17. ↑ <ref>"Interim results for the six months ended June 30, 2022".Aston Martin Lagonda Global Holdings plc.July 28, 2022.Retrieved October 29, 2026.</ref>
  18. ↑ 18.0 18.1 18.2 <ref>"H1 2022 results presentation transcript".Aston Martin Lagonda Global Holdings plc.July 28, 2022.Retrieved October 29, 2026.</ref>
  19. ↑ 19.0 19.1 19.2 19.3 19.4 19.5 19.6 19.7 <ref>"Annual Report and Accounts 2023".Aston Martin Lagonda Global Holdings plc.2024.Retrieved October 29, 2026.</ref>
  20. ↑ 20.0 20.1 <ref>"Interim results for the six months ended June 30, 2024".Aston Martin Lagonda Global Holdings plc.July 24, 2024.Retrieved October 29, 2026.</ref>
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