Ferrari chief executive Camilleri resigns two years after replacing Marchionne
11 December 2020, 17:24
A source said he had been stricken with Covid-19 but the reason for the retirement was personal, not health-related.
Ferrari says chief executive Louis Camilleri has resigned for personal reasons.
John Elkann, chairman of the luxury sports car brand, will take over until a successor is named, Ferrari said in a statement.
Mr Camilleri, who took over in 2018 following the death of long-time CEO Sergio Marchionne, is also stepping down as chairman of Philip Morris International, one of Ferrari’s main sponsors.
A source said Mr Camilleri had been stricken with Covid-19 and was convalescing at home after being treated in hospital, but the source stressed that the reason for the retirement was personal, not health-related.
Chief Executive Officer Louis Camilleri Retires for Personal Reasons; Executive Chairman John Elkann acting Chief Executive Officer. https://t.co/UhE1IYXoig
— Ferrari (@Ferrari) December 11, 2020
When he took over as chief executive, Mr Camilleri unveiled a business plan that included reviving famous models embedded with Formula One technology and expanding Ferrari’s electric-petrol hybrid powertrain offerings.
Ferrari, based in the Emilia Romagna region which has been one of the hardest-hit by coronavirus in Italy, reported flat third-quarter profits as a result of Italy’s production shutdown.
Net profits were 171 million euros (£157 million) in the quarter, compared with 169 million euros (£155 million) in the same period last year.
Shipments were down by 161 units to 2,313 vehicles.
