Ferrari CEO Abruptly Retires

Matt Posky
by Matt Posky

Ferrari CEO Louis Camilleri has abruptly resigned from the company with the official announcement providing few details to build upon. Despite numerous news outlets fixating on his testing positive for COVID-19 and subsequent hospitalization, Ferrari failed to mention it in the release. But Reuters had reported that an inside source had claimed Camilleri, 65, had suffered health complications that required him to be hospitalized for weeks, adding that he was also stepping down as executive chairman of Philip Morris International.

However, he’s now said to be recovering at home and the coronavirus diagnosis apparently had nothing to do with his decision to retire. Ferrari only cited “personal reasons” and stated it had already begun considering his replacement, noting that it had no intention of rushing the process.

“Ferrari has been a part of my life and serving as its Chief Executive has been a great privilege,” the departing CEO said in a prepared statement. “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.”

Camilleri was appointed to head Ferrari in July 2018 after the sudden death of former CEO Sergio Marchionne. Chairman John Elkann (grandson of Gianni Agnelli) will lead the company on an interim basis, according to a corporate statement from the manufacturer.

“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,” said Elkann. “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 [sic] on its truly unique heritage and unerring quest for excellence. We wish him and his family a long and happy retirement.”

We’re sure he’ll be getting one hell of a wristwatch as a sendoff.

[Image: Ferrari]

Matt Posky
Matt Posky

A staunch consumer advocate tracking industry trends and regulation. Before joining TTAC, Matt spent a decade working for marketing and research firms based in NYC. Clients included several of the world’s largest automakers, global tire brands, and aftermarket part suppliers. Dissatisfied with the corporate world and resentful of having to wear suits everyday, he pivoted to writing about cars. Since then, that man has become an ardent supporter of the right-to-repair movement, been interviewed on the auto industry by national radio broadcasts, driven more rental cars than anyone ever should, participated in amateur rallying events, and received the requisite minimum training as sanctioned by the SCCA. Handy with a wrench, Matt grew up surrounded by Detroit auto workers and managed to get a pizza delivery job before he was legally eligible. He later found himself driving box trucks through Manhattan, guaranteeing future sympathy for actual truckers. He continues to conduct research pertaining to the automotive sector as an independent contractor and has since moved back to his native Michigan, closer to where the cars are born. A contrarian, Matt claims to prefer understeer — stating that front and all-wheel drive vehicles cater best to his driving style.

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  • Charles The UAW makes me the opposite of patriotic
  • El scotto Wranglers are like good work boots, you can't make them any better. Rugged four wheel drive vehicles which ironically make great urban vehicles. Wagoneers were like handbags desired by affluent women. They've gone out of vogue. I can a Belgian company selling Jeep and Ram Trucks to a Chinese company.
  • El scotto So now would be a good time to buy an EV as a commuter car?
  • ToolGuy $1 billion / 333.3 million = $3 per U.S. person ¶ And what do I get for my 3 bucks -- cleaner air and lower fuel prices? I might be ok with this 🙂🙂
  • VoGhost Matt, I'm curious why you write that inventory levels are low at 74 days. Typically, 60 days is the benchmark for normal inventory.
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