Ferrari CEO Camilleri steps down for personal reasons
Had been in the position since 2018
Ferrari CEO Louis Camilleri has resigned from the automaker after suffering a reported bout with COVID-19.
The automaker said that Camilleri was leaving the position for personal reasons.
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A person familiar with the situation told the Associated Press that Camilleri had been infected with COVID-19 and hospitalized, but that his decision to leave the company was not health-related.
“Ferrari has been a part of my life and serving as its Chief Executive has been a great privilege,” Camilleri said in a press release. “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.
Camilleri, 65, became CEO following the death of Sergio Marchionne in 2018. Ferrari was spun-off from Fiat Chrysler in a 2011 IPO and the stock price increased more than 60 percent under Camilleri’s leadership to bring it to a market capitalization of over $40 billion, which is higher than Fiat Chrysler’s is today.
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Ferrari chairman John Elkann will act as interim CEO until Camilleri's successor is chosen.
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“It is with great regret that I, and all of us in the Ferrari family, have learned of Louis Camilleri’s decision to step down for personal reasons from his role as our Chief Executive,” Elkann said in a letter to employees, Reuters reported.
“Louis’ leadership and passion have guided Ferrari to delivering impressive results.”
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Camilleri is also stepping down from his post as chairman of Philip Morris International, a company with sponsorship ties to Ferrari.
The Associated Press contributed to this report