Ferrari CEO Camilleri announces shock retirement with immediate effect

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

Ferrari CEO Camilleri announces shock retirement with immediate effect

The move, which has been cited for 'personal reasons', has come out of the blue and Ferrari has not yet had time to sort out who will replace him.

Ferrari said that its chairman John Elkann would take on the CEO role for an interim period before a successor is identified.


Camilleri's announcement that he is leaving Ferrari comes alongside a similar statement from Philip Morris, with the company confirming that he too was stepping down from his involvement on the board there.

Camilleri had taken on the CEO role at 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 recent challenges prompted by the coronavirus pandemic.

Camilleri lifted the stock price from 113 Euro when he took over to it now being at 179 Euro in recent days.

Camilleri was also a big supporter of the F1 team, having got to understand the championship through his responsibilities at Philip Morris.

He attended several races and was always in close contact with team principal Mattia Binotto.

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

"My admiration for the extraordinary men and women of Maranello and for the passion and dedication they apply to everything they do, knows no bounds.

"I'm proud of the company's numerous achievements since 2018 and know that Ferrari's best years are still to come."

Elkann also paid tribute to the contribution Camilleri had made during his time at the company.

"I would like to express our most sincere thanks to Louis for his unstinting dedication as our chief executive officer since 2018 and as member of our board of directors since 2015," he explained.


"His passion for Ferrari has been limitless and under his leadership the company has further affirmed its position as one of the world's greatest companies, capitalising on its truly unique heritage and unerring quest for excellence.

"We wish him and his family a long and happy retirement."

shares
comments
Mercedes confirms Hamilton back for Abu Dhabi F1 race, Russell rejoins Williams

Previous article

Mercedes confirms Hamilton back for Abu Dhabi F1 race, Russell rejoins Williams

Next article

Haas unable to give Grosjean farewell F1 test, but hopes Ferrari can

Haas unable to give Grosjean farewell F1 test, but hopes Ferrari can
Load comments

About this article

Series Formula 1
Teams Ferrari
Author Jonathan Noble
The 'new' F1 drivers who need to improve at Imola Plus

The 'new' F1 drivers who need to improve at Imola

After a pandemic-hit winter of seat-swapping, F1 kicked off its season with several new faces in town, other drivers adapting to new environments, and one making a much-anticipated comeback. BEN ANDERSON looks at who made the most of their opportunity and who needs to try harder…

The delay that quashed Aston Martin’s last F1 venture Plus

The delay that quashed Aston Martin’s last F1 venture

Aston Martin’s only previous foray into Formula 1 in the late 1950s was a short-lived and unsuccessful affair. But it could have been so different, says NIGEL ROEBUCK

Formula 1
Apr 10, 2021
Verstappen exclusive: Why lack of car-racing titles won't hurt Red Bull's ace Plus

Verstappen exclusive: Why lack of car-racing titles won't hurt Red Bull's ace

Max Verstappen’s star quality in Formula 1 is clear. Now equipped with a Red Bull car that is, right now, the world title favourite and the experience to support his talent, could 2021 be the Dutchman’s year to topple the dominant force of Lewis Hamilton and Mercedes?

Formula 1
Apr 9, 2021
Are we at peak F1 right now? Plus

Are we at peak F1 right now?

For many, many years Formula 1 has strived to do and to be better on all fronts. With close competition, a growing fanbase, a stable political landscape and rules in place to encourage sustainability, 2021 is on course to provide an unexpected peak

Formula 1
Apr 8, 2021
How crucial marginal calls will decide the Red Bull vs Mercedes battle in F1 2021 Plus

How crucial marginal calls will decide the Red Bull vs Mercedes battle in F1 2021

The longer Red Bull can maintain a performance edge over Mercedes, the better the odds will be in the team’s favour against the defending world champions. But as the Bahrain Grand Prix showed, many more factors will be critical in the outcome of the 2021 Formula 1 World Championship

Formula 1
Apr 7, 2021
How Williams’ new structure adheres to a growing F1 trend Plus

How Williams’ new structure adheres to a growing F1 trend

Williams held out against the tide for many years but, as MARK GALLAGHER explains, the age of the owner-manager is long gone

Formula 1
Apr 6, 2021
When a journeyman driver's F1 career lasted just 800m Plus

When a journeyman driver's F1 career lasted just 800m

Nikita Mazepin’s Formula 1 debut at the Bahrain Grand Prix lasted mere corners before he wiped himself out in a shunt, but his financial backing affords him a full season. Back in 1993 though, Marco Apicella was an F1 driver for just 800m before a first corner fracas ended his career. Here’s the story of his very short time at motorsport’s pinnacle

Formula 1
Apr 4, 2021
The nightmare timing that now hinders Mercedes Plus

The nightmare timing that now hinders Mercedes

Mercedes and Lewis Hamilton took victory at the Bahrain Grand Prix despite, for a change, not having the quickest car. But any hopes of developing its W12 to surpass Red Bull's RB16B in terms of outright speed could not have come at a worse time.

Formula 1
Apr 2, 2021