New Ferrari's CEO Louis Carey Camilleri arrives at the memorial service held in honor of former CEO Sergio Marchionne in Turin
FILE PHOTO: New Ferrari’s CEO Louis Carey Camilleri arrives at the memorial service held in honor of former CEO Sergio Marchionne in Turin, Italy, September 14, 2018. REUTERS/Massimo Pinca

December 10, 2020

(Reuters) -Ferrari Chief Executive Officer Louis Camilleri has retired for personal reasons and Executive Chairman John Elkann has been appointed as interim CEO, the luxury automaker said on Thursday.

The company’s board is identifying a permanent successor to Camilleri, Ferrari said in a statement, giving no further details.

Camilleri was appointed by Ferrari in July 2018 after the sudden death of former CEO Sergio Marchionne.

Under Camilleri’s leadership, Ferrari shares have hit record highs. Despite the economic crisis brought on by the COVID-19 pandemic, Milan-listed shares of the company hit an all-time high of 182.95 euros ($222.05) last month.

U.S.-listed shares of Ferrari fell about 1% in after-hours trading on Camilleri’s retirement news.

Ferrari’s Elkann told employees the company respected Camilleri’s decision to retire.

“It is with great regret that I, and all of us in the Ferrari family, have learned of Louis Camilleri’s decision to step down for personal reasons from his role as our Chief Executive”, Elkann said in a letter seen by Reuters.

“Louis’ leadership and passion have guided Ferrari to delivering impressive results,” Elkann said, adding that Camilleri will be available for advice to Ferrari.

Elkann is the scion of Italy’s Agnelli family and CEO of Exor, the family’s investment company and Ferrari’s top shareholder.

Camilleri, executive chairman of Philip Morris International (PMI), also retired from that role, the Marlboro maker said separately on Thursday.

Philip Morris appointed CEO André Calantzopoulos to serve in Camilleri’s stead. Its independent presiding director Lucio Noto will serve as interim chairman until Calantzopoulos’ succession in May, the company said.

($1 = 0.8239 euros)

(Reporting by Kanishka Singh and Uday Sampath in Bengaluru and Giulio Piovaccari in Milan; Editing by Shinjini Ganguli)

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