Ferrari CEO Camilleri resigns for personal reasons

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Ferrari CEO Louis Camilleri has resigned from the automaker after suffering a reported bout with COVID-19.

The Car manufacturer said Camilleri was leaving the post 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 his decision to leave the company was unrelated to health.

“Ferrari has been part of my life and serving as Managing Director has been a great privilege,” Camilleri said in a press release. “My admiration for the amazing 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 split from Fiat Chrysler in an IPO in 2011 and the share price rose over 60% under Camilleri’s leadership to bring it to a market cap of over $ 40 billion , which is superior to that of Fiat Chrysler 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 Managing Director,” Elkann said in a letter to employees, Reuters reported.

“Louis’s leadership and passion guided Ferrari to achieve impressive results. “

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Camilleri is also stepping down as chairman of Philip Morris International, a company with sponsorship links to Ferrari.

The Associated Press contributed to this report

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