Ferrari president Sergio Marchionne will remain at the helm of the manufacture until at least 2021, according to Italy's La Gazetta dello Sport.
The 64-year-old Italian-Canadian executive was set to retire after 2018. While it is uncertain what the future holds for Marchionne beyond this date at the head of Fiat-Chrysler beyond this date, he is expected to remain at the house of Maranello.
The report cited official budget documents which reveal that Marchionne took no salary from Ferrari last year, but earned 10 million euro for running Fiat.
"2016 was a season to forget," the Ferrari President wrote in an internal letter to staff
"But I know that with the new technical team led by Mattia Binotto under the leadership of Maurizio Arrivabene, as well as the talented drivers Kimi Raikkonen and Sebastian Vettel, we have all the right people in place.
"The 2017 season is full of unknowns," he added, "because of the many changes in the regulations and in management, so I refrain from making predictions.
"What I can promise is that we will fight, and that we have the drive, the commitment and the passion to return to the top," Marchionne said.
Furthermore, Ferrari is now a shareholder of The Formula One Group.
As a result of exercising an option its was granted several years to buy shares in F1's parent company Delta Topco, and pursuant to the buy-out of Delta by Liberty, Ferrari now holds shares in Formula 1, albeit a very small portion of it.
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