Automotive giant Ferrari announces the resignation of its CEO, Louis Camilleri, to everyone’s surprise. Marlboro also announces its resignation as president of Philip Morris International, effective immediately.
The 65-year-old businessman had been chairman and CEO of Ferrari since the sudden death of his predecessor Sergio Marchionne in July 2018. Louis Camilleri has announced his retirement for personal reasons after serving in that position for nearly two and a half years. The luxury carmaker said Thursday that President John Elkann will lead the company on an interim basis.
Camilleri‘s decision to step down came after the executive suffered from health problems, which necessitated his hospitalization for COVID-19 in recent weeks, a company source said. He is now recovering at home, but the source says the illness was not the reason for his sudden retirement.
Louis Camilleri also retired as executive chairman of Philip Morris International, the manufacturer of Marlboro said separately. Philip Morris has appointed CEO André Calantzopoulos to take over from Louis Camilleri. Its independent director, Lucio Noto, will serve as interim CEO until Calantzopoulos‘ succession in May, the company said.
Ferrari‘s board of directors, having not anticipated this sudden resignation, is in the process of identifying a permanent successor to Camilleri, he said in a statement, without giving further details.
During Camilleri‘s tenure, Ferrari has been one of the top performers in the automotive sector, and despite the coronavirus pandemic, demand for the company’s high-performance cars has remained strong.
Under Louis Camilleri‘s leadership, Ferrari‘s shares have reached record levels, with shares listed on the Milan Stock Exchange reaching an all-time high of 182.95 euros ($222.05) last month.
Camilleri also made a prudent effort to expand Ferrari’s vehicle range and brand usage, without compromising the exclusivity that underpinned its high prices and profits. Ferrari shares listed on the U.S. stock exchange fell by approximately 1% during non-business hours as part of Camilleri‘s retirement information.
Louis Camilleri commented on his resignation in an official statement: “Ferrari is part of my life and it has been a privilege to be its CEO. My admiration for the men and women of Maranello knows no bounds. I am proud of the company’s achievements since 2018 and am convinced that its best years are yet to come“.
Mr. Elkann, a descendant of the Italian Agnelli family and CEO of Exor, the family’s investment company and Ferrari’s largest shareholder, told employees that the company respects Camilleri‘s decision to retire.
“It is with great regret that I, and all of us in the Ferrari family, learned of Louis Camilleri’s decision to retire for personal reasons from his role as CEO. …] Louis’ leadership and passion have enabled Ferrari to achieve impressive results,” Elkann said in a letter seen by Reuters, adding that Camilleri will be available to advise Ferrari.
Featured Photo : © Ferrari
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