Ferrari Chief Executive Officer Louis Camilleri has retired for personal reasons and Executive Chairman John Elkann has been appointed as interim CEO, the luxury automaker said yesterday.
The company’s board is identifying a permanent successor to Camilleri, Ferrari said in a statement, giving no further details.
Camilleri was appointed by Ferrari in July 2018 after the sudden death of former CEO Sergio Marchionne.
Under Camilleri’s leadership, Ferrari shares have hit record highs. Despite the economic crisis brought on by the Covid-19 pandemic, Milan-listed shares of the company hit an all-time high of 182.95 euros (US$222.05) last month.
US-listed shares of Ferrari fell about 1 per cent in after-hours trading on Camilleri’s retirement news.
“It is with great regret that I, and all of us in the Ferrari family, have learned of Louis Camilleri’s decision to step down for personal reasons from his role as our Chief Executive”, Elkann said in a letter seen by Reuters.
“Louis’ leadership and passion have guided Ferrari to delivering impressive results,” Elkann said, adding that Camilleri will be available for advice to Ferrari.
Elkann is the scion of Italy’s Agnelli family and CEO of Exor, the family’s investment company and Ferrari’s top shareholder.
Camilleri, executive chairman of Philip Morris International (PMI), also retired from that role, the Marlboro maker said separately yesterday.
Philip Morris appointed CEO André Calantzopoulos to serve in Camilleri’s stead. Its independent presiding director Lucio Noto will serve as interim chairman until Calantzopoulos’ succession in May, the company said. — REUTERS
