Mr Benedetto Vigna (52), who will start on September 1, is seen as the new CEO who will guide Ferrari towards electrification.

He replaces Louis Camilleri, who retired six months ago after a two-and-a-half-year tenure citing personal reasons.

Mr Vigna, an Italian national, is currently president of the executive committee of Analog, the biggest and most profitable division of chip maker STMicrolectronics.

Ferrari chairman John Elkann, the scion of the Agnelli family that controls Ferrari through its investment company Exor, said the company was “delighted” to welcome Mr Vigna as its new CEO.

“His deep understanding of the technologies driving much of the change in our industry, and his proven innovation, business-building and leadership skills, will further strengthen Ferrari and its unique story of passion and performance, in the exciting era ahead,” Mr Elkann said in a statement.

Ferrari, which already offers hybrid models, has promised its first full-electric car for 2025.

Mr Elkann has led the company on an interim basis since Mr Camilleri stepped down.

By Neil Dowling