Ferrari CEO Louis Camilleri steps down, citing personal reasons

Motoring

Ferrari Chief Executive Officer Louis Camilleri has retired citing personal reasons after being in the role for nearly two and a half years and Chairman John Elkman is set to lead the company on an interim basis, said the supercar maker.

Camilleri’s decision to step down came after the executive suffered health problems, which made it necessary to hospitalize him for Covid-19 in recent weeks, said a company source.

He is now recovering at home but his illness was not the cause of his decision to retire, added the source.

Camilleri also retired as executive chairman of Philip Morris International (PMI), the Marlboro maker said separately.

Ferrari’s board is identifying a permanent successor to Camilleri, it said in a statement, giving no further details.

Camilleri was appointed to lead Ferrari in July 2018 after the sudden death of former CEO Sergio Marchionne.

During his tenure, Ferrari was one of the best performing stocks in the automotive sector, as demand for the company’s cars remained strong despite the coronavirus pandemic.

Under his leadership, Ferrari shares have hit record levels.

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