Ferrari said Tuesday it has appointed Lorenzo Giorgetti to the company's newly created position of director of racing revenue: tasked with developing long-term relationships with sponsors in all types of racing activities, Reuters reported.

Giorgetti was formerly commercial director of soccer club Milan and head of commercial management at the sports division of Italian publisher RCS Mediagroup, Ferrari said in a statement.

He will report directly to Ferrari CEO Benedetto Vigne, also exploring the booming field of cybersports (video game sports - ed.).

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

The appointment shows that Viña, who has restructured the company's top management since taking over as CEO a year and a half ago, is focusing more on the commercial expansion associated with Ferrari's racing activities.

Ferrari's sponsorship, advertising and brand revenues, which include those of the Formula One racing team under sponsorship agreements, rose 11 percent last year to 479 million euros.