Ferrari announced a significant leadership change this week, with Enrico Galliera, its chief marketing and commercial officer for over 16 years, stepping down. His departure, taking effect on July 1, places one of the luxury car world’s most sensitive roles in the hands of an outsider.
Massimiliano Di Silvestre, formerly the head of BMW’s Italian operations, will assume the position. He will report directly to CEO Benedetto Vigna, signaling a new direction for the iconic Italian brand.
The executive reshuffle comes just over a month after Ferrari unveiled the Luce, its first fully electric model. The vehicle’s debut was met with a reception many within the company found unsatisfactory, attracting widespread criticism from both enthusiasts and investors.
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The Luce’s edgeless styling, developed in collaboration with LoveFrom, the design studio co-founded by former Apple design chief Jony Ive, marked a sharp departure from Ferrari’s traditional aesthetic. This choice quickly drew ridicule, an unusually public backlash for a brand typically accustomed to adoration.
Market reaction was swift and punitive. Ferrari’s shares dropped more than 8% in a single trading session following the reveal. This represented a stark market verdict on a company recognized as one of the automotive industry’s most valuable names.
Critics were vocal, including the company’s own former chairman, Luca Cordero di Montezemolo. He warned that the brand was risking the destruction of its legend, even suggesting that the famous badge should be removed from the car. Italy’s deputy prime minister, Matteo Salvini, also weighed in, noting the four-door model’s starting price of €550,000.
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Despite the timing, Ferrari has firmly rejected any direct link between this criticism and Galliera’s departure. According to the company, he had decided to leave some time ago and agreed to remain in his role through the Luce launch before pursuing a new chapter in his career.
CEO Benedetto Vigna praised Galliera’s contributions, framing the change as a natural part of the brand’s evolution rather than a direct reaction to recent events. The company was performing well previously.
The selection of Di Silvestre as a replacement is notable, regardless of the motivations behind Galliera’s exit. Di Silvestre brings over two decades of experience in the premium car market, having led BMW Italy since 2019. His appointment represents a rare instance of Ferrari recruiting its commercial chief from a rival rather than promoting from within.
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He inherits the significant challenge of marketing an electric Ferrari to a highly exclusive clientele, who pay a substantial premium for uniqueness. This comes at a time when global demand for high-performance electric vehicles has shown signs of cooling.
Ferrari maintains that interest in the Luce remains robust. However, investors will need to wait until the company reports its second-quarter results on July 30 for a clearer financial picture of the new model’s initial performance.