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Louis Camilleri steps down from Ferrari and Philip Morris, the reasons are unknown



Unspecified personal reasons are cited as the reason for resignation



11.Dec.20 11:45 AM
By Shawn Highstraw
Photo FTI.com

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Louis Camilleri steps down from Ferrari and Philip Morris, the reasons are unknown
CEO Louis Camilleri of the famous Italian sports car brand Ferrari has unexpectedly resigned immediately for personal reasons. Camilleri was hospitalized earlier because of a SARSv2 infection and is now recovering at home. According to Ferrari, however, his illness is not the reason he quit.

In July 2018, Camilleri took the helm of Ferrari as a successor to Sergio Marchionne, who died shortly thereafter of complications from a surgery. Camilleri also resigns his position as chairman of the tobacco company Philip Morris International.

President John Elkann of Ferrari will replace Camilleri on a temporary basis until a permanent successor is found. Under the leadership of Camilleri Ferrari released new sports cars and the annual sales in 2019 for the first time increased to more than 10,000 bolides. Ferrari has been listed since 2015 and the stock reached a record level on the Milan Stock Exchange last month. The stock market value is about EUR 34 billion.



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