Ferrari CEO Louis Camilleri announces shock retirement with immediate effect

Ferrari CEO Louis Camilleri has announced that he will retire with immediate effect.

The Italian supercar manufacturer said that the departure was ‘for personal reasons’, with the official Formula 1 website reporting that ‘he had spent time in hospital fighting Covid-19’.

Camilleri will be replaced in the interim by executive chairman John Elkann, who said: “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.

“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.”

Camilleri said: “Ferrari has been a part of my life and serving as its chief executive has been a great privilege. 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.”

The Egyptian took the role in 2018 after the death of former CEO Sergio Marchionne. F1.com reports that he has been fighting Covid-19 ‘for several weeks’, having spent time in hospital in a serious but not life-threatening condition.

He has overseen a strong period for the firm’s road car department, including development of its first SUV, the Purosangue, which is expected to go on sale next year. However, the F1 team’s fortunes have not been so positive, going from having one of the fastest cars on the grid to fighting in the midfield in 2020 after a controversial engine upgrade was banned.