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Ferrari to keep CEO Amedeo Felisa post spin-off

Ferrari is undergoing a big shakeup, and not just on the Formula One racing grid. It's just parted ways with its longtime chairman, is being spun off from the rest of the Fiat Chrysler Automobiles group and will soon launch its initial public offering on the stock market. But one thing it's not about to change at this point is its CEO. Speaking to journalists in Milan this past Friday, FCA chairman John Elkann said, "There will be no CEO change," indicating that the job of chief executive Amedeo Felisa is secure for at least a while longer. After two decades at Alfa Romeo, Felisa joined Ferrari back in 1990, was named general manager in 2006 and chief executive in 2008. In that capacity, he's always reported to company chairman Luca di Montezemolo, whose place was recently taken by Sergio Marchionne. It remains unclear, however, just how directly involved Marchionne will remain in the Prancing Horse marque, especially after the spin-off, and what that would mean for Felisa. In launching the IPO, Ferrari could institute a loyalty scheme that would award additional stake to the company's oldest and largest shareholders – which would only further entrench the holdings of the Agnelli family which Elkann heads and which stands to become the largest stakeholder in Ferrari after its separation from the rest of the group.

Kimi out, Bottas in at Ferrari?

Things have not gone well for Scuderia Ferrari driver Kimi Raikkonen since he returned to the team in 2014. After a pair of strong seasons for Lotus that saw him finish third and fifth, the Finn ended last season in 12th, 106 points behind his teammate, Spaniard Fernando Alonso. His 2015 fortunes have improved – he currently sits in fourth, only a spot behind teammate Sebastian Vettel – but he's been remarkably inconsistent, struggling with the SF15-T, a car that was specifically designed to work with his driving style. He only has a single podium this season, was forced to retire in Australia after a bad pitstop, and he crashed out of the most recent round in Austria. Clearly, Kimi should just stay away from races starting in "Austr." That advice may have come too late, though, as rumors are bubbling up that Ferrari may be swapping its Finns, dropping Raikkonen for his young countryman, Valtteri Bottas. Fox News, citing a report from Germany's Bild, claims Ferrari has made an offer to Bottas' current team, Williams, to secure his services. It doesn't sound like the British team will give him up all that easily, though. According to Fox, Williams enjoys a contractual "option" on the 25-year-old Finn's contract for next season, and that Ferrari would need to buy that contract out to steal him away. Bild claims the Italians have offered $4.4 million, but Williams' second-in-command, Claire Williams, wants nearly four times that. Ferrari has, rejected that figure, allegedly and unsurprisingly. Should the two sides come to a compromise, German and Sahara Force India driver Nico Hulkenberg seems to be the popular choice to take the open Williams seat, Fox is reporting. It's unclear where Raikkonen would end up next. And with that, we consider the 2015 Formula 1 silly season officially open.

Ferrari vetoes F1 engine supply cost cap

The costs associated with competing in Formula One are enormous. In addressing the problem, the FIA has proposed a number of measures aimed at reducing those expenses. But while most of the teams are apparently on board, one key player has exercised its veto to defeat the initiative. The issue came up at a recent meeting of the Formula One Strategy Group, where the participating parties discussed implementing a global cost ceiling, amending the regulations in order to drive down costs, and increasing the standardization of common parts. However one of the most concrete steps would have seen the FIA institute a maximum price which engine suppliers could charge independent teams for their power units. The issue was put to a vote, which the FIA reports passed with a "large majority." But Ferrari vetoed the measure, exercising the right accorded to it under the governing regulations – a step which the FIA will not contest. With its cost-cap measure defeated, the governing body has confirmed its intent to move ahead with proposals to bring in an outside engine supplier that will provide motivation to independent teams at a lower cost. As we recently reported, the price associated with securing power units from suppliers like Mercedes, Renault, and Ferrari, typically costs teams as much as $30 million per season – a solid two or three times what they cost in the previous V8 era. One of the leading contenders at this early stage to supply those low-cost power units is Cosworth. The British firm has long participated in the championship as an engine supplier, stepping back from the sport only recently. However other companies could enter a bid for the contract as well. A French outfit called PURE run by former BAR-Honda team principal Craig Pollock began development of an engine package back in 2011. BMW and Toyota both supplied V8 engines until a few years ago, while independent outfits like Mecachrome, Mugen, and TAG have also prepared F1 power units based on engines developed by major manufacturers. 26.10.15 FIA FORMULA 1 WORLD CHAMPIONSHIP - COST REDUCTION The FIA has studied cost reduction measures for teams participating in the FIA Formula 1 World Championship which were not conclusive, including: - a global cost ceiling, - a reduction in costs via technical and sporting regulations, - an increased standardisation for parts.