The Board Ferrari AssembledNarrow moat

Ferrari (RACE) — moat facet

A board drawn from Saint Laurent, LVMH and Apple tells you Ferrari has decided it is not in the car industry.

1. ReportedThe directors include Delphine Arnault, Francesca Bellettini and Eddy Cue, alongside executive chairman John Elkann, chief executive Benedetto Vigna and vice chairman Piero Ferrari. Two of those are senior luxury operators from LVMH and Kering; one runs services at Apple.
   Ferrari N.V., Form 20-F FY2025 — Item 6, Directors, Senior Management and Employees, and Item 7, Major Shareholders. As of February 2026 Exor N.V. held approximately 21.33% of the outstanding common shares and 32.32% of the voting power, and Trust Piero Ferrari held approximately 10.67% of shares and 16.17% of the voting power — together about 32.00% of the equity and 48.49% of the votes, against 64.20% of shares and 48.13% of the votes held by all other shareholders. BlackRock held 6,734,854 shares, 3.80% of shares and 3.38% of the votes. The disparity arises from the loyalty voting programme, under which shareholders who register and hold their shares continuously for three years receive special voting shares. The filing states that the interests of its largest shareholders may differ from those of other shareholders and that the loyalty voting programme may reduce the liquidity of the common shares and adversely affect their trading price. Matters put to a shareholder vote include the annual accounts, dividends, the election and removal of directors, capital increases and amendments to the articles of association. The board comprises John Elkann as Executive Chairman — who is also chief executive of Exor — Benedetto Vigna as Chief Executive Officer, Piero Ferrari as Vice Chairman, and directors including Delphine Arnault of Christian Dior Couture, Francesca Bellettini of Saint Laurent and Eddy Cue of Apple. — February 2026 · publ. 2026-02 · source ↗
2. ReportedThe counterweight is that Elkann is simultaneously executive chairman of Ferrari and chief executive of Exor, its largest shareholder — an overlap Ferrari discloses as a potential conflict. The signal is what Ferrari does in a downturn.
   Ferrari N.V., Form 20-F FY2025 — Item 6, Directors, Senior Management and Employees, and Item 7, Major Shareholders. As of February 2026 Exor N.V. held approximately 21.33% of the outstanding common shares and 32.32% of the voting power, and Trust Piero Ferrari held approximately 10.67% of shares and 16.17% of the voting power — together about 32.00% of the equity and 48.49% of the votes, against 64.20% of shares and 48.13% of the votes held by all other shareholders. BlackRock held 6,734,854 shares, 3.80% of shares and 3.38% of the votes. The disparity arises from the loyalty voting programme, under which shareholders who register and hold their shares continuously for three years receive special voting shares. The filing states that the interests of its largest shareholders may differ from those of other shareholders and that the loyalty voting programme may reduce the liquidity of the common shares and adversely affect their trading price. Matters put to a shareholder vote include the annual accounts, dividends, the election and removal of directors, capital increases and amendments to the articles of association. The board comprises John Elkann as Executive Chairman — who is also chief executive of Exor — Benedetto Vigna as Chief Executive Officer, Piero Ferrari as Vice Chairman, and directors including Delphine Arnault of Christian Dior Couture, Francesca Bellettini of Saint Laurent and Eddy Cue of Apple. — February 2026 · publ. 2026-02 · source ↗

• Ferrari N.V. Form 20-F, FY2025 (SEC EDGAR)