BusinessFerrari CEO, Louis Camilleri, Resigns

Ferrari CEO, Louis Camilleri, Resigns

SAN FRANCISCO, December 12, (THEWILL) – Louis Camilleri has resigned his position as Chief Executive Officer of Ferrari. Camilleri stunned Ferrari and the automobile racing community by resigning after less than two and a half years in the role.

The 65-year-old, who also serves as chairman of Philip Morris International, decided to stand down as both CEO and as a member of the board of directors “for personal reasons”, with it emerging he had spent time in hospital fighting COVID-19.

Camilleri took on the role in 2018, after the demise of former boss, Sergio Marchionne, and presided over a successful period for the road car side of the business while being very supportive of the Formula 1 arm of the company.

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While non-life-threatening, he is believed to have been seriously fighting COVID-19 for several weeks, which led to him spending considerable time in hospital, even if he is said to be recovering well.

However, ahead of the Abu Dhabi Grand Prix, he declared his desire to retire from his role as CEO and as member of the board of directors for personal reasons to the Italian company. And to also stand down from his role as chairman of Philip Morris.

His resignation announcement came via the New York Stock Exchange and it confirmed that Executive Chairman John Elkann is to act as interim CEO while a successor is found.

“I would like to express our most sincere thanks to Louis for his unstinting dedication as our Chief Executive Officer since 2018 and as a member of our Board of Directors since 2015,” Elkann offered in response.

“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 an unerring quest for excellence. We wish him and his family a long and happy retirement.”

Camilleri said of his departure: “Ferrari has been a part of my life and serving as its chief executive has been a great privilege.

“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.”

Ferrari is presently going through a transitional period due to the effects of the COVID-19 pandemic and Camilleri had been shepherding that process.

The company, incorporating the Formula 1 team, announced second-quarter revenue of £500million in August, down from about £900m in the same quarter last year, after the lockdown forced Ferrari to produce 2,000 fewer cars.

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