Ferrari CEO Louis Camilleri has stepped down after simply two years within the high position.
In an announcement Thursday, Ferrari mentioned Camilleri stepped down for private causes and that present chairman John Elkann will fill the position till a substitute might be discovered.
Camilleri additionally stepped down from his chairman position at Philip Morris Worldwide, an organization he’d been employed with for 4 many years. Philip Morris is the cigarette big whose Marlboro model sponsors the Ferrari Components One group.
A number of stories, together with one from The Wall Avenue Journal, claimed the 65-year-old had been hospitalized after contracting the Covid-19 coronavirus however was now in restoration.
Camilleri was named CEO of Ferrari in 2018 following the demise of his predecessor, Sergio Marchionne. Since then, he greater than doubled Ferrari’s share worth and boosted annual gross sales to over the ten,000-unit mark for the primary time.
He largely oversaw plans already laid out by Marchionne, together with the continued growth of the corporate’s first SUV, however he additionally cast new plans together with for the corporate’s first electrical automotive.
“Ferrari has been part of my life and serving as its chief govt has been a terrific privilege,” Camilleri mentioned in an announcement. “I’m happy with the corporate’s quite a few achievements since 2018 and know that Ferrari’s finest years are nonetheless to return.”