Ferrari CEO Louis Camilleri Announces Retirement In A Shocking Move

Louis Camilleri, the Chief Executive Officer at Ferrari SpA has announced his retirement with immediate effect. The announcement comes out of the blue and is said to be for 'personal reasons'. The iconic Italian automaker says it still needs to identify his successor. Executive Chairman John Elkann will act as interim CEO for now, Ferrari said in a statement. Camilleri will also give up his board seat. In addition to Ferrari, Camilleri has also retired from his role as Chairman at Philip Morris International Inc. and will also step down from the board at the tobacco manufacturer.

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Speaking about his retirement, Louis Camilleri said, "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."

Executive Chairman and interim Ferrari CEO, John Elkann thanked Camilleri for his time at the company. In a statement, he said, "I would like to express our most sincere thanks to Louis for his unstinting dedication as our Chief Executive Officer since 2018 and as member of our Board of Directors since 2015. 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."

Louis Camilleri was appointed as the Ferrari CEO in 2018, following the death of the legendary Ferrari chief Sergio Marchionne. His tenure over the past two years saw the brand grow larger commercially with the launch of several new products, notably the Ferrari Roma, F8 Tributo, 812 Superfast and the SF90 Stradale. The Ferrari SUV or FUV project was also greenlit during his period.

He is also a Formula 1 fan and closely followed the Scuderia Ferrari team's works. He is said to have been in close contact with team principal Mattia Binotto.