Ferrari CEO retires with immediate effect

Ferrari Chief Executive Officer Louis Camilleri retired with immediate effect on December 10, citing personal reasons. His departure was apparently unexpected, having left the sports car manufacturer without a succession plan in place. John Elkann, the Executive Chairman, has stepped in as interim CEO.

Camilleri took the leadership role at Ferrari in 2018, after then-CEO Sergio Marchionne stepped down due to ill health—a departure now mirrored by Camilleri's own retirement, as Ferrari has reportedly confirmed that health issues may have contributed to his decision. He led the automaker's successful shift towards the luxury end of the market and managed to keep its revenue profitable this year despite the pandemic.

Prior to joining Ferrari, Camilleri was Chairman and Chief Executive Officer of Philip Morris International. He retained the chairmanship when he moved to Ferrari, but stepped down on December 10 as well.

Before that, he spent almost 30 years with Altria Group (formerly Philip Morris Companies) and held various top leadership positions with the group and its operating companies, including Group Chairman, Group Chief Executive Officer, and Group Chief Financial Officer. He was also President and CEO of Kraft Foods International prior to its spinoff from Altria.

Thanking Camilleri for his service, Elkann said: "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. We wish him and his family a long and happy retirement."