Ferrari CEO Louis Camilleri quits suddenly

Ferrari is on the hunt for a new CEO after Louis Camilleri resigned suddenly today.

In a statement to investors and the media, the sports car maker confirmed Camilleri has left the company with immediate effect due to “personal reasons”.

Chairman John Elkann, head of the Agnelli/Elkann family which controls Fiat Chrysler and Ferrari, will be interim CEO until a full-time replacement has been found.

Born in Egypt to Maltese parents, and Camilleri spent most of his working life at cigarette maker Philip Morris and its various subsidiaries, including Kraft.

In 2002 he became CEO of Altria, the parent company of Philip Morris. When Philip Morris International was split off in 2007 he was named as the tobacco giant’s CEO.

Camilleri joined Ferrari’s board in 2015, and stepped up to be its CEO in July 2018 when Sergio Marchionne was unable to return to work after suffering from surgery complications. Marchionne passed away a week later.

“Ferrari has been a part of my life and serving as its Chief Executive has been a great privilege. I’m proud of the company’s numerous achievements since 2018 and know that Ferrari’s best years are still to come,” Camilleri said.

Elkann praised the outgoing CEO: “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.”