Ferrari CEO Louis Camilleri Retires With Immediate Effect

Dec. 11, 2020 6:40 AM ET by Karl Furlong Industry News / 4 Comments

He will be temporarily replaced by Ferrari executive chairman John Elkann.

It was not much more than two years ago when Ferrari announced that Louis Camilleri would be taking over as the Italian automaker's new CEO. It all happened rather quickly since his predecessor, Sergio Marchionne, faced unexpected health issues at the time and passed away shortly after his resignation.

In a similarly worrying turn of events, Camilleri himself has now resigned from his position with immediate effect following his own health challenges after contracting Covid-19. However, it is unconfirmed whether Camilleri's recovery from the virus prompted his resignation, with Ferrari only saying the move came for "unspecified personal reasons."

According to a report by The Wall Street Journal, Camilleri also resigned from Ferrari's board and his position as chairman of Philip Morris International Inc. after being employed there for a period of four decades. Camilleri is 65 and, although he required hospitalization due to Covid-19, he is reportedly back home and continuing his recovery there.

Camilleri was an unlikely candidate for Ferrari's loftiest position since he had no experience in the automotive space, having come from the tobacco industry. Under his tenure, Ferrari continued to embrace electrification. Just a month ago, the 1,000-horsepower SF90 Spyder was unveiled, adding diversity to a lineup that still includes conventionally-powered brutes like the 812 Superfast.

2018-2020 Ferrari 812 Superfast Front View

2018-2020 Ferrari 812 Superfast Rear View

2018-2020 Ferrari 812 Superfast Front View Driving

2018-2020 Ferrari 812 Superfast Top View

Of course, Camilleri also had to guide Ferrari through the turbulent economic shutdown caused by the pandemic, a job he managed to do remarkably well, while also strengthening the brand's financial position since 2018.

In the interim - at least until a permanent CEO can be found - John Elkann will take over from Camilleri. Elkann is not only the head of the Italian family that boasts a majority stake in the brand but is Ferrari's current executive chairman. That makes him as good a replacement as any, especially at such short notice.

Following his announcement, Camilleri said: "Ferrari has been a part of my life and serving as its chief executive has been a great privilege."