Ferrari CEO Louis Camilleri has retired from his position with immediate effect, with chairman John Elkann taking over on an interim basis.
Camilleri (pictured above) has been Ferrari’s CEO for the past two years since Sergio Marchionne’s sudden death in 2018, having previously been chairman of Philip Morris. His sudden retirement was announced on Thursday, with a Ferrari statement saying it was “for personal reasons” and would also include Camilleri leaving the board of directors.
The unexpected departure leaves Ferrari without an immediate long-term successor.
“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,” 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, capitalizing on its truly unique heritage and unerring quest for excellence. We wish him and his family a long and happy retirement.”
Ferrari later confirmed that Camilleri is currently recovering from COVID-19 but Bloomberg quoted a company spokesperson as stating it was not the “main reason” for his retirement.
“Ferrari has been a part of my life and serving as its chief executive has been a great privilege,” Camilleri said. “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.”
The announcement comes with Ferrari team principal Mattia Binotto missing this weekend’s Abu Dhabi Grand Prix due to become unwell in Bahrain and opting to fly home rather than to the final race of the season. Binotto’s illness is not COVID-19 related, and sporting director Laurent Mekies will again be in charge of the team, as he has been on two previous occasions this year.