Ferrari CEO Louis Camilleri Announces Sudden Retirement
Camilleri’s departure from Ferrari and Philip Morris follows news that he had been stricken with COVID-19.
Ferrari CEO and Philip Morris chairman Louis Camilleri has announced his retirement from both roles with immediate effect, the two companies confirmed on Thursday. “Personal reasons” were cited for his departure.
A person familiar with the matter told reporters that Camilleri, 65, was recovering at home after being hospitalised with COVID-19. However, they stressed that his departure from his business roles was not health-related.
Ferrari said that its executive chairman, John Elkann, would take on the role of interim CEO until a successor could be identified.
Camilleri was appointed CEO of Ferrari in July 2018 following the death of longtime CEO Sergio Marchionne due to illness. His time at the company marked a period of growth for its road car business in spite of the recent challenges of the COVID-19 pandemic. Ferrari’s stock was worth €179 per share by the end of his tenure, up from €113 when he took over two years ago, though this price has now slipped following news of his departure.
“Ferrari has been a part of my life and serving as its chief executive has been a great privilege,” Camilleri said in a statement. “My admiration for the extraordinary men and women of Maranello and for the passion and dedication they apply to everything they do, knows no bounds. I’m proud of the Company’s numerous achievements since 2018 and know that Ferrari’s best years are still to come.”
Elkann thanked Camilleri for his stint at the company. “His passion for Ferrari has been limitless and under his leadership the Company has further affirmed its position as one of the world’s greatest companies, capitalising on its truly unique heritage and unerring quest for excellence,” he said. “We wish him and his family a long and happy retirement.”