Ferrari CEO Camilleri announces shock retirement – F1 with immediate effect

Ferrari CEO Camilleri announces shock retirement - F1 with immediate effect

Ferrari CEO Luis Camilleri has announced his shock retirement from the Italian sportscar manufacturer with immediate effect.

The move, cited for “personal reasons”, has come out of the blue and Ferrari has not yet had time to find out who will replace him.

Ferrari said its chairman, John Elkann, would serve as CEO for an interim period before the heirs could be identified.

Camilleri’s announcement that he was leaving Ferrari came in a statement from Philip Morris, in which the company confirmed that he was also resigning from joining the board there.

Camilleri took over as CEO of Ferrari in the summer of 2018, following the death of former Ferrari chief Sergio Marchionne.

His tenure at Ferrari marked a period of solid commercial growth for the road car business despite the latest challenges posed by the car carrier epidemic.

Camilleri raised the price of the stock from 113 euros when she took it to 179 euros in recent days.

Camilleri was also a big supporter of the F1 team, which had to understand the championship through its responsibilities at Philip Morris.

He has been involved in many races and has always been in close contact with the team’s principal Matthias Binoto.

Commenting on his decision, Camilleri said: “Ferrari has been a part of my life and it has been an honor to serve as its chief executive.

“My admiration and dedication to Marinello’s extraordinary men and women applies to everything they do, knows no bounds.

“I’m proud of the company’s many accomplishments since 2018 and I know Ferrari’s best years are yet to come.”

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Elkanan also paid tribute to Camilleri’s contribution to the company during his time there.

“I would like to thank Lewis for his continued dedication as our Chief Executive Officer from 2018 and a member of our Board of Directors from 2015,” he explained.

“His passion for Ferrari has been immense and under his leadership the company has reaffirmed its position as one of the world’s great companies, capitalizing on its truly unique legacy and untiring efforts for excellence.

“We wish him and his family a long and prosperous retirement.”

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Cory Weinberg

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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