Ferrari CEO resigns 2 years after replacing Marchionne

Luxury sports car maker Ferrari says its chief executive, Louis Camilleri, has resigned for personal reasons

ROME -- Luxury sports car maker Ferrari says its chief executive, Louis Camilleri, has resigned for personal reasons.

Chairman John Elkann will take over until a successor is named, Ferrari said in a statement late Thursday.

Camilleri, who took over as CEO in 2018 following the death of longtime CEO Sergio Marchionne, is also stepping down as chairman of Phillip Morris International, one of Ferrari’s main sponsors.

When he took over as CEO, Camilleri unveiled a business plan that included reviving iconic models embedded with Formula One technology and expanding Ferrari’s electric-gasoline hybrid powertrain offerings.

Net profits were 171 million euros ($200 million) in the quarter, compared with 169 million in the same period last year. Shipments were down by 161 units, to 2,313 vehicles.

Top Stories

Top Stories

Top Stories

Top Stories

ABC News Live

ABC News Live

24/7 coverage of breaking news and live events