New York City
Saturday, June 15, 2024
“THE CEO PUBLICATION owns both theceopublication.com and theceopublications.com websites"

Publication

Ferrari CEO steps down after replacing Marchionne for personal reasons

Ferrari CEO steps down after replacing Marchionne for personal reasons

Louis Camilleri, CEO of the luxury sports car brand Ferrari, has retired from his position for personal reasons. John Elkann, the company chairman, will be taking over as interim CEO until a successor is named—Ferrari said in a statement late Thursday.  Camilleri, who had taken over as CEO of Ferrari in July 2018 following the death of longtime CEO Sergio Marchionne, is also stepping down as the chairman of Phillip Morris International, a company with sponsorship ties to the luxury car brand. Lucio Noto, Philip Morris International’s independent presiding director, will serve as interim chairman.

“Ferrari has been a part of my life, and serving as its Chief Executive has been a great privilege,” Camilleri said in a press release. “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.”

A person familiar with the situation told the Associated Press that Camilleri, 65, was infected with COVID-19 and was hospitalized, followed by a completed home recovery. The person who spoke in anonymity stressed that his decision to leave the Company was not health-related; it was for his personal reasons.

“It is with great regret that I, and all of us in the Ferrari family, have learned of Louis Camilleri’s decision to step down for personal reasons from his role as our Chief Executive,” Elkann said in a letter to employees, Reuters reported.

Ferrari, which is based in the Emilia Romagna region, has been one of the hardest-hit by the coronavirus, which resulted in flat third-quarter profits from production shutdown in Italy. Net profits were $200 million in the quarter, compared with $169 million in the same period last year. Shipments were down by 161 units, to 2,313 vehicles.  When Camilleri took over as CEO, he unveiled a business plan that included reviving iconic models embedded with Formula One technology. His goal was to expand Ferrari’s electric-gasoline hybrid powertrain offerings.  Camilleri’s abrupt retirement had become shocking news for Italy. Although it is a huge loss for Ferrari as a whole, Camilleri did an impressive job improving the fortunes and fully supporting the F1 project. F1.com Senior Writer Lawrence Barretto said that the racing team might have fallen below Camilleri’s high expectations but refused to wield the ax instead. He fully supported Team Principal Mattia Binotto, with whom he has a close relationship.

 

Elkann added to his statement, “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. His passion for Ferrari has been limitless. Under his leadership, the Company has further affirmed its position as one of the world’s greatest companies, capitalizing on its truly unique heritage and unerring quest for excellence. We wish him and his family a long and happy retirement.” Team Principal Mattia Binotto, on an episode in F1’s podcast Beyond the Grid, described Camilleri as “a great man” and “a great friend.” After Elkann’s takeover as temporary CEO, the F1 project is in safe pair of hands at an interim level. Whoever replaces Camilleri in the future would have big shoes to fill in.

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.

Most Popular

Receive the latest news

Request for online magazine

Join Us

Advertise with us

meteroid vecrtor
Receive the latest news

Contact Us