Friday, May 24, 2024
NewsFerrari CEO Camilleri Resigns Suddenly

Ferrari CEO Camilleri Resigns Suddenly

Ferrari CEO takes sudden retirement

  • CEO took over Ferrari as replacement to Sergio Marchionne

  • Second time looking for new Ferrari boss in three years


For the second time in less than three years, Ferrari finds itself suddenly in need of new leadership, though this time in less shocking circumstances. Just 30 months after being picked to replace the late Sergio Marchionne, Louis Camilleri has resigned from the top spot at the prancing horse.

A statement from Ferrari yesterday said that “Mr Louis Camilleri communicated today to the Company his decision, for personal reasons, to retire with immediate effect from his role as the Company’s Chief Executive Officer and as member of the Board of Directors,” and didn’t go further into what those reasons were.

Ferrari Executive Chairman John Elkann said that “I would like to express our most sincere thanks to Louis for his unstinting dedication as our Chief Executive Officer since 2018 and as member of our Board of Directors since 2015. 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 unerring quest for excellence.”

Automotive News Europe reports that Camilleri had suffered recent health problems, including being hospitalised with COVID-19 in recent weeks. That report says that the illness “was not the ‘main reason’ for his retirement, but didn’t elaborate.”

Under Camilleri, Ferrari gradually expanded its product lineup and hit 10,000 annual sales for the first time last year. The CEO was also outspoken against regulations that would penalise the brand’s V12 engines emissions on the grounds that a V12 Ferrari is driven far less than “a very small car that runs every day,” as he said on an investor call last month.

Elkann will take on the CEO role on an interim basis while working to find a replacement. He is also set to become chairman of Stellantis, the company formed with the merging of Fiat Chrysler and PSA Group.

 

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