Ferrari chief resigns unexpectedly

Ferrari chief resigns unexpectedly

Louis Camilleri announced his decision after being hospitalised with a coronavirus.

The chief executive of Italian sports car manufacturer Ferrari NV, Louis Camilleri, has abruptly resigned after being hospitalised with a coronavirus.

Camilleri has also resigned from Ferrari’s board of directors. The company has announced that executive chairman John Elkan will serve as interim CEO.

In addition, Camilleri has stepped down as chairman of Philip Morris International Inc. His place will be taken by the tobacco company’s current CEO, Andre Kalandzopoulos, as of May 2021. Ferrari and Philip Morris said in press releases that Camilleri had decided to resign “due to personal circumstances”.

According to a WSJ source, Camilleri has already been discharged from hospital and is continuing treatment at home.

Camilleri took charge of Ferrari in 2018 after CEO Sergio Marchionne passed away due to complications caused by surgery. Camilleri was chairman and CEO of Philip Morris International from 2008-2013. In 2015, he joined the board of the Italian carmaker as an independent director.

Many in the automotive industry thought Camilleri, who had spent 40 years in the tobacco industry, would be the interim head of Ferrari, but he started the change at Ferrari. One of his objectives was to move into electric car production.

In his first interview as Ferrari CEO, he stated that Ferrari would launch the first all-electric car in 2025-2030. However, in November this year, Camilleri noted that the company is unlikely to become a 100% electric car manufacturer.