Ferrari NV announced on Saturday evening that Fiat Chrysler Chairman John Elkann has been appointed as the new Chairman of the Italian car manufacturer with immediate affect.

The 42 year old Italian American is the grandson of former Fiat shareholder Gianni Agnelli. The news comes as Formula One championship leader, Ferrari’s Sebastian Vettel will start today’s German Grand Prix from pole position.

Ferrari NV also announced that former Philip Morris International Louis C. Camilleri has been named Ferrari CEO.

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