Ferrari CEO Camilleri steps down, citing 'personal reasons'

Ferrari CEO Camilleri steps down, citing ‘personal reasons’

One looming query for his successor is how Ferrari will deal with extra stringent emissions rules within the European Union and different markets. Whereas the corporate has mentioned that 60 p.c of its fashions may have a hybrid powertrain by 2022, Camilleri has expressed doubts the model would go totally electrical.

He just lately criticized European environmental rules that intention to chop transport emissions by penalizing the sale of autos with notably inefficient engines, saying they fail to keep in mind how occasionally some are pushed.

“For those who take a V-12 Ferrari that solely runs 3,000 kilometers a 12 months, in all probability it has fewer emissions than a really small automobile that runs daily,” he mentioned throughout an investor name final month.

Elkann informed workers the corporate revered Camilleri’s resolution to retire.

“It’s with nice remorse that I, and all of us within the Ferrari household, have discovered of Louis Camilleri’s resolution to step down for private causes from his position as our Chief Government,” Elkann mentioned in a letter seen by Reuters.

“Louis’ management and keenness have guided Ferrari to delivering spectacular outcomes,” Elkann mentioned, including that Camilleri shall be out there to Ferrari as an advisor.

Elkann is the scion of Italy’s Agnelli household and CEO of Exor, the household’s funding firm. Exor controls Ferrari with 36 p.c of its voting rights and a direct 23 p.c stake. Elkann is about to grow to be chairman of Stellantis, the corporate which is able to begin its operations subsequent 12 months following the mixture of Fiat Chrysler with PSA Group.

Camilleri is also retiring from his position as govt chairman of Philip Morris Worldwide, the tobacco large mentioned individually.

Philip Morris has lengthy been a sponsor of Ferrari’s Components One racing groups, however Camilleri had no direct automotive expertise, which made him a controversial decide to run one of many world’s preeminent automobile manufacturers.

At Philip Morris, Camilleri’s retirement triggered a succession plan that has been in place for a while, the Marlboro maker mentioned.

Philip Morris CEO Andre Calantzopoulos will grow to be govt chairman. Lucio Noto, the corporate’s unbiased presiding director, will function interim chair within the meantime. Chief Working Officer Jacek Olczak will succeed Calantzopoulos as CEO when he takes the chairman spot.

Bloomberg contributed to this report

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