Ferrari CEO Abruptly Retires
Louis Camilleri spent a large part of his career in the tobacco industry, serving as CEO of Philip Morris, which is now Altria Group, and CEO of Philip Morris International in the early 2000's.
Following the resignation of Sergio Marchionne for health reasons in July 2018, Camilleri was named as the CEO of Ferrari, which has an advertising partnership with Philip Morris dating back to the 1980's. Under Camilleri's tenure, the luxury car manufacturer has seen its shares gain more than 50%.
Ferrari made the shocking announcement on Friday that Camilleri would step down for personal reasons with immediate effect from his position as CEO and member of the board of directors. Camilleri was hospitalized for several weeks recently for COVID-19, but that wasn't the reason for his retirement, according to Reuters.
Philip Morris International also announced that Camilleri would retire as Chairman of the Board for personal reasons with immediate effect, completing a 40-year career at the tobacco giant.
"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."
Ferrari Executive Chairman John Elkann will assume the role as CEO on an interim basis until the Ferrari Board of Directors finds a permanent replacement. Elkann was born into the prominent Agnelli family and was appointed to Fiat's board of directors at the age of 21. Elkann also serves as the chairman and CEO of Exor, which is the family's investment company and Ferrari's top shareholder.
With Ferrari having seen a boom in both its business and its share price under Camilleri's leadership, the company will have big shoes to fill as it finds a permanent replacement.
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