Ferrari CEO Louis Camilleri abruptly resigns for ‘private causes’

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Ferrari CEO, Louis Camilleri resigned unexpectedly on Thursday. No causes got 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 luxurious sports-car maker announced on its web site.

Acknowledging the resignation letter with remorse, Ferrari’s Executive Chairman, John Elkann, stated he’ll act as interim Chief Executive Officer whereas the Ferrari Board of Directors will handle the continued means of figuring out Mr. Camilleri’s successor.

Camilleri additionally resigned with quick impact because the chairman of tobacco big Philip Morris International Inc., the place he was employed since 1978.

Lucio Noto will now deal with Camilleri’s duties as interim chairman of Philip Morris till CEO André Calantzopoulos takes over as government chairman in May below a “long-planned leadership succession,” in accordance with the corporate.

The causes for Camilleri’s sudden resignation from each corporations stay unclear, however a source told Reuters that he had been battling coronavirus in current weeks and was hospitalized, however is now recovering at house.

His resignation, nevertheless, isn’t linked to his sickness, in accordance with the information outlet.

“Ferrari has been a part of my life and serving as its chief executive has been a great privilege,” Camilleri stated 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.”

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

Ferrari was one of many best-performing shares within the automotive sector throughout Marchionne and Camilleri’s tenure. Both Ferrari and Philip Morris US-listed shares went down as quickly as Camilleri’s resignation was introduced on Thursday.

Divorced since 2004, Camilleri is the daddy of three. He speaks English, French, Italian, Arabic, and Maltese in addition to some German, in accordance with sources.