Ferrari CEO quits due to personal coronavirus battle – report

Ferrari has announced Louis Camilleri has stepped down as CEO with immediate effect.

The statement from Ferrari cited 'personal reasons' for the shock decision, but The Wall Street Journal is reporting that Mr Camilleri had been recently hospitalised with COVID-19.

Executive Chairman John Elkann will act as interim CEO while the company's Board of Directors chooses Mr Camilleri's successor.

"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," Mr Elkann said.

"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."

In 2018, Mr Camilleri took over the top job after the unexpected death of then-CEO Sergio Marchionne, following complications associated with surgery.

Mr Camilleri has also resigned as Chairman of tobacco giant Phillip Morris, where he has worked for the past four decades.

An unnamed source familiar with the matter says Mr Camilleri is now recovering at home, following his hospitalisation with the coronavirus.

"Ferrari has been a part of my life and serving as its Chief Executive has been a great privilege," Mr Camilleri said in a 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."

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