Ferrari marketing boss quits weeks after EV launch backlash

Here is a story making headlines in the economy: Ferrari marketing boss quits weeks after EV launch backlashImage source, FerrariImage caption, The all-electric Ferrari Luce was unveiled in MayByOsmond ChiaBusiness reporterPublished32 minutes agoFerrari's marketing boss has quit after 16 years at the company just weeks after a backlash over the launch of the supercar maker's first-ever electric car, the Luce. The firm announced this week that Enrico Galliera would leave the role of chief marketing and commercial officer. He will be replaced by former BMW Italy head Massimiliano Di Silvestre in July.

Ferrari thanked Galliera for his service and said he had "decided to embark on a new chapter in his professional journey - a decision shared with the company some time ago. "The Luce was heavily criticised when it was unveiled in May. Ferrari did not mention the launch in its statement about Galliera's departure.

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Chief executive Benedetto Vigna said that Galliera "has played a significant role in the company's growth and in strengthening the Ferrari brand worldwide. "Galliera's role involved managing which clients could purchase the luxury car maker's highly sought-after vehicles. "He has the gratitude of the entire Ferrari team and my personal best wishes for the future," Vigna said in the statement.

The has contacted Galliera for comment. Since taking the role in 2010, Galliera has been involved in many of the firm's key events. LaFerrari, Ferrari's first production hybrid hypercar, which combines a petrol engine and an electric motor, was launched in 2013.

In 2015, the firm listed on the New York Stock Exchange and in Milan the following year. However, the launch of the $640,000 (£485,552) Luce spawned a host of internet memes and negative reactions. Its looks, the brain-child of iPhone designer Sir Jony Ive, was criticised by the company's former chairman, Italy's deputy prime minister and transport minister Matteo Salvini.

The company's shares plunged by 8% the day after the Luce was unveiled.

Financial markets are tracking the development closely as investors assess the likely impact.