Ferrari CEO Louis Camilleri at the 2019 Formula 1 French Grand Prix. Editorial credit: motorsports Photographer / Shutterstock.com
Louis Camilleri, the top executive at Ferrari, has retired with immediate effect, according to a statement from the company. Camilleri, who cited personal reasons for his departure, will also vacate his position on the storied Italian sports car maker’s board of directors.
Camilleri had served on Ferrari’s board since 2015 and assumed the CEO role in 2018, following the death of then-CEO Sergio Marchionne. Under his leadership, Ferrari had doubled down on expanding its electric-gasoline hybrid powertrain offerings and developing a lineup of fully electric sports cars.
While the company searches for a suitable replacement, Executive Chairman John Elkann will act as interim CEO.
Camilleri started his career at W. R. Grace and Company as a business analyst, before joining tobacco company Philip Morris in 1978. Over the next 18 years, he worked his way up from his first post as a business development analyst to be the company’s CFO. In 2002, Camilleri became CEO of Philip Morris and continued on in the top spot when the company was spun out of Altria Group as Philip Morris International in 2007. He had remained on the tobacco company’s board but has also stepped down from that position effective immediately.
Elkann thanked Camilleri for his unstinting dedication to Ferrari and his limitless passion. He added that “under Camilleri’s 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. We wish him and his family a long and happy retirement.”
Camilleri concluded his tenure at Ferrari by stating, “Ferrari has been a part of my life and serving as its Chief Executive has been a great privilege. 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.”
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