Ferrari Names New CEO As Word of Marchionne's Health Takes on Ominous Tones

Steph Willems
by Steph Willems

Louis C. Camilleri was named the next chief executive officer of Ferrari N.V. on Saturday, succeeding former CEO and chairman Sergio Marchionne, whose health has taken a turn for the worse.

As head of Fiat Chrysler, Marchionne orchestrated the successful spin-off of Ferrari beginning in 2014, completing the process in 2016. While the executive had planned to stay on as chairman of the Italian luxury sports car brand after his scheduled retirement from FCA in April of 2019, fate intervened. Jeep brand head Mike Manley is now CEO of FCA, while Camilleri — who arrives with an impressive background in big business — has taken the helm of Ferrari.

In the chairman’s seat now sits John Elkann, head of the Agnelli family’s Exor holding company, which holds a controlling stake in FCA and Ferrari.

In a statement, Ferrari’s board of directors said that, in a meeting held in the coming days, it will propose to shareholders that Camilleri be named CEO.

“The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of the company’s operation,” the company stated. It also expressed its “deep sadness” that Marchionne will not be able to return to work.

From 2008 until 2013, Camilleri chaired Philip Morris International, a major Ferrari sponsor. Before that, he served as CEO of Kraft Foods International.

In two statements posted to FCA’s website, the automaker and Elkann wrote of their respect and admiration for Marchionne, as well as the suddenness of his current situation. The automaker stated its “profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.”

In a much longer statement, Elkann wrote:

I am profoundly saddened to learn of Sergio’s state of health. It is a situation that was unthinkable until a few hours ago, and one that leaves us all with a real sense of injustice.

My first thoughts go to Sergio and his family.

What struck me about Sergio from the very beginning, when we met to talk about the possibility of him coming to work for the Group, even more than his management skills and unusual intelligence, were his human qualities, his generosity and the way he understood people.

Over the past 14 years together we have lived through successes and difficulties, internal and external crises, but also unique and unrepeatable moments, both personal and professional.

For so many, Sergio has been an enlightened leader and a matchless point of reference.

For me, he has been someone with whom to share thoughts and in whom to trust, a mentor and above all a true friend.

He taught us to think differently and to have the courage to change, often in unconventional ways, always acting with a sense of responsibility for the companies and their people.

He taught us that the only question that’s worth asking oneself at the end of every day is whether we have been able to change something for the better, whether we have been able to make a difference.

And Sergio has always made a difference, wherever his work took him and in the lives of so very many people.

Today, that difference can be seen in the culture that he introduced in all the companies he has led, a culture that has become an integral part of each and every one of them.

The succession plans we have just announced, even if not without pain from a personal point of view, mean we can guarantee the maximum possible continuity, preserving our companies’ unique cultures.

It has been my privilege to have had Sergio at my side for all these years.

I would ask everyone for their understanding in these circumstances and to respect Sergio’s privacy and that of those who are dear to him.

[Image: Fiat Chrysler Automobiles]

Steph Willems
Steph Willems

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  • Brett Woods Brett Woods on Jul 23, 2018

    The Cancer is just MD spin. Cancer that was invasive and compromising would have been found on the pre-op work up. He would have been treated for it before any consideration of shoulder arthroplasty. It’s been reported that he is in a coma and not able to breath for himself and that attempts to wean him from the ventilator were unsuccessful. So it is just a matter of time. If he can’t regain consciousness and breathe without artificial ventilation, the outlook is grim. Sergio was probably thinking he would play a bit of tennis this fall. Instead he stroked out bad. You don’t realize as they’re beaming and reassuring you in the office that almost everyone of these surgeons has someone in intensive care and another that unexpectedly passed away post-op in the previous few months because – complications happen, all the time.

    • Lie2me Lie2me on Jul 23, 2018

      I'm sure most everyone is aware that complications happen all the time, but that doesn't keep us from hoping for the best, it's what people do

  • Carroll Prescott Carroll Prescott on Jul 23, 2018

    Poor Sergio. Trying to make Chrysler into a functional company must have hurt his health. The lineup he had other than Ram and Jeep would send anyone to their grave.

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  • Varezhka And why exactly was it that Tesla decided not to coat their stainless steel bodies, again? My old steel capped Volant skis still looks clean without a rust in sight thanks to that metal vapor coating. It's not exactly a new technology.
  • GIJOOOE “Sounds” about as exciting as driving a golf cart, fake gear shifts or not. I truly hope that Dodge and the other big American car makers pull their heads out of the electric clouds and continue to offer performance cars with big horsepower internal combustion engines that require some form of multi gear transmissions and high octane fuel, even if they have to make them in relatively small quantities and market them specifically to gearheads like me. I will resist the ev future for as long as I have breath in my lungs and an excellent credit score/big bank account. People like me, who have loved fast cars for as long as I can remember, need a car that has an engine that sounds properly pissed off when I hit the gas pedal and accelerate through the gears.
  • Kcflyer libs have been subsidizing college for decades. The predictable result is soaring cost of college and dramatic increases in useless degrees. Their solution? More subsidies of course. EV policy will follow the same failed logic. Because it's not like it's their money. Not saying the republicans are any better, they talk a good game but spend like drunken sailors to buy votes just like the libs. The sole function of the U.S. government is to take money from people who earn it and give it away to people who didn't.
  • CecilSaxon Sounds about as smart as VW's "SoundAktor"
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