Ferrari chief executive Camilleri resigns two years after replacing Marchionne

Ferrari says chief executive Louis Camilleri has resigned for personal reasons.

John Elkann, chairman of the luxury sports car brand, will take over until a successor is named, Ferrari said in a statement.

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

A source said Mr Camilleri had been stricken with Covid-19 and was convalescing at home after being treated in hospital, but the source stressed that the reason for the retirement was personal, not health-related.

When he took over as chief executive, Mr Camilleri unveiled a business plan that included reviving famous models embedded with Formula One technology and expanding Ferrari’s electric-petrol hybrid powertrain offerings.

Ferrari, based in the Emilia Romagna region which has been one of the hardest-hit by coronavirus in Italy, reported flat third-quarter profits as a result of Italy’s production shutdown.

Net profits were 171 million euros (£157 million) in the quarter, compared with 169 million euros (£155 million) in the same period last year.

Shipments were down by 161 units to 2,313 vehicles.