Ferrari CEO Louis Camilleri has unexpectedly resigned from the company with immediate effect for “personal reasons”.
Camilleri assumed the role of CEO shortly before the death of Sergio Marchionne in July 2018, with John Elkann taking over Marchionne’s other position as chairman.
As such he has been a key senior figure in Ferrari’s F1 operation, taking the decision to replace Maurizio Arrivabene as team boss by promoting technical chief Mattia Binotto at the start of 2019.
Camilleri was the public-facing half of Ferrari’s senior leadership, and spoke fairly regularly about its F1 programme – often in support of Binotto, who despite Ferrari’s illegality accusations late last year and slump in form in 2020 had retained Camilleri’s full support.
Along with Elkann, and eventually Binotto on the team leadership side, Camilleri was part of a new executive structure seeking to rejuvenate Ferrari’s F1 operation, though he is regarded as having achieved more success with the automotive operation given the F1 team’s declining fortunes.
He was supportive of Binotto’s desire to promote from within and to try to shift the team away from a blame culture that had set in during previous year, and backed Binotto financially by authorising the build of a new simulator.
Camilleri also fiercely refuted cheating allegations late last year when Ferrari’s engine came under scrutiny, and this season vowed not to let Ferrari return to a revolving-door policy by firing staff in the wake of its poor start to the season.
As Camilleri had shown no prior indication of wanting to leave his role at Ferrari, the news of his departure – and his resignation as chairman of Philip Morris International, the cigarette company and Ferrari’s long-time sponsor – comes as a shock.
It also appears to have been unexpected within the organisation, as Ferrari announced on Thursday evening that Camilleri had told the company today that he had decided to retire immediately from his role as CEO and member of the board for personal reasons.
“Ferrari has been a part of my life and serving as its chief executive has been a great privilege,” said Camilleri.
“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 will assume the role of interim CEO until a successor is appointed.
“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 on its truly unique heritage and unerring quest for excellence.
“We wish him and his family a long and happy retirement.”
