Ferrari faces new leadership crisis as CEO abruptly steps down

Ferrari faces new leadership crisis as CEO abruptly steps down

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 % of its fashions could have a hybrid powertrain by 2022, Camilleri has expressed doubts the model would go totally electrical.

He just lately criticized European environmental rules that goal to chop transport emissions by penalizing the sale of automobiles with significantly inefficient engines, saying they fail to take into consideration how occasionally some are pushed.

“If you happen to take a V-12 Ferrari that solely runs 3,000 kilometers a yr, most likely it has fewer emissions than a really small automotive that runs day by day,” he mentioned throughout an investor name final month.

Elkann advised staff the corporate revered Camilleri’s choice to retire.

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

“Louis’ management and fervour have guided Ferrari to delivering spectacular outcomes,” Elkann mentioned, including that Camilleri shall be obtainable 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 % of its voting rights and a direct 23 % stake. Elkann is about to turn out to be chairman of Stellantis, the corporate which can begin its operations subsequent yr following the mixture of Fiat Chrysler with PSA Group.

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

Philip Morris has lengthy been a sponsor of Ferrari’s System One racing groups, however Camilleri had no direct automotive expertise, which made him a controversial choose to run one of many world’s preeminent automotive 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 turn out to be government 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 and Reuters contributed to this report

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