Ferrari names Lorenzo Giorgetti as chief racing revenue officer

Among his previous posts Giorgetti has been chief commercial officer at Serie A soccer club AC Milan and head of commercial management in the sports division of Italian publisher RCS Mediagroup, Ferrari said in a statement.

He will directly report to Ferrari's CEO Benedetto Vigna and will also cover the booming Esports field of videogame sport competitions.

Giorgetti is currently a board member of the Global Esports Federation.

The appointment shows a greater focus by Vigna, who has redesigned the company's top management structure since taking over as CEO a year-and-a-half ago, on commercial expansion linked to Ferrari's racing activities.

It comes just after Ferrari appointed Frenchman Frederic Vasseur (54) as its new Formula One team principal in an effort to regain competitiveness in its flagship competition.

Ferrari's revenues from 'sponsorship, commercial and brand', which include those earned by its Formula One racing team through sponsorship agreements, rose 11% last year to 479 million euros.