Ferrari CEO Louis Camilleri abruptly resigns for ‘personal reasons’

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Ferrari CEO, Louis Camilleri resigned unexpectedly on Thursday. No reasons were given for his resignation.

“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”, the Italian luxury sports-car maker announced on its website.

Acknowledging the resignation letter with regret, Ferrari’s Executive Chairman, John Elkann, said he will act as interim Chief Executive Officer while the Ferrari Board of Directors will manage the ongoing process of identifying Mr. Camilleri’s successor.

Camilleri also resigned with immediate effect as the chairman of tobacco giant Philip Morris International Inc., where he was employed since 1978.

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Lucio Noto will now handle Camilleri’s duties as interim chairman of Philip Morris until CEO André Calantzopoulos takes over as executive chairman in May under a “long-planned leadership succession,” according to the company.

The reasons for Camilleri’s sudden resignation from both companies remain unclear, but a source told Reuters that he had been battling coronavirus in recent weeks and was hospitalized, but is now recovering at home.

His resignation, however, is not linked to his illness, according to the news outlet.

“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.”

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Camilleri, 65, became Ferrari’s CEO in July 2018 after Sergio Marchionne who was both Ferrari and Fiat Chrysler’s CEO, died from complications linked to surgery.

Ferrari was one of the best-performing stocks in the automotive sector during Marchionne and Camilleri’s tenure. Both Ferrari and Philip Morris US-listed shares went down as soon as Camilleri’s resignation was announced on Thursday.

Divorced since 2004, Camilleri is the father of three. He speaks English, French, Italian, Arabic, and Maltese as well as some German, according to sources.

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