Louis Camilleri steps down as Ferrari CEO and Philip Morris executive chair

[MILAN] Ferrari chief executive officer (CEO) Louis Camilleri has retired for personal reasons, and executive chairman John Elkann has been appointed as interim CEO, the luxury automaker said on Thursday.

The company's board is identifying a permanent successor to Mr Camilleri, Ferrari said in a statement, giving no further details.

Mr Camilleri was appointed by Ferrari in July 2018 after the sudden death of former CEO Sergio Marchionne.

Under Mr Camilleri's leadership, Ferrari shares have hit record highs. Despite the economic crisis brought on by the Covid-19 pandemic, Milan-listed shares of the company hit an all-time high of 182.95 euros last month.

US-listed shares of Ferrari fell about 1 per cent in after-hours trading on Mr Camilleri's retirement news.

Ferrari's Mr Elkann told employees the company respected Mr Camilleri's decision to retire.

"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", Mr Elkann said in a letter seen by Reuters.

"Louis' leadership and passion have guided Ferrari to delivering impressive results," Mr Elkann said, adding that Mr Camilleri will be available for advice to Ferrari.

Mr Elkann is the scion of Italy's Agnelli family and CEO of Exor, the family's investment company and Ferrari's top shareholder.

Mr Camilleri, executive chairman of Philip Morris International (PMI), also retired from that role, the Marlboro maker said separately on Thursday.

Philip Morris appointed CEO André Calantzopoulos to serve in Mr Camilleri's stead. Its independent presiding director Lucio Noto will serve as interim chairman until Mr Calantzopoulos' succession in May, the company said.

REUTERS