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Camilleri shocks Ferrari by resigning as CEO

Camilleri shocks Ferrari by resigning as CEO

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Camilleri shocks Ferrari by resigning as CEO

Camilleri shocks Ferrari by resigning as CEO

Louis Camilleri has stunned Ferrari by resigning from his position as CEO after less than two and a half years in the role.

Camilleri joined the company in July 2018 as the successor to Sergio Marchionne. In August this year, in an interview with this writer, the 65-year-old claimed "stability and focus" were required from the top down to return the Scuderia to winning ways.

Camilleri, who also serves as chairman of Philip Morris International, has decided to stand down as both CEO and as a member of the board of directors "for personal reasons".

The announcement, made via the New York Stock Exchange, confirmed executive chairman John Elkann is to act as interim CEO while a successor is found.

Elkann 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 a 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 an unerring quest for excellence. We wish him and his family a long and happy retirement.”

Commenting on his departure, 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.”

Under Camilleri, Ferrari was going through a transitional period due to the effects of the Covid-19 pandemic.

In August, the company, incorporating the F1 team, announced second-quarter revenue of £500million, down from about £900m in the same quarter last year, after the lockdown forced Ferrari to produce 2,000 fewer cars.

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